US Dollar, gold on the losing streak in Pakistan
The greenback fell by Rs6 in a week
Photo: File
The Pakistani rupee continued to strengthen against the US dollar, as the local currency appreciated by 0.34% in the market.
The US dollar has fallen by Rs170 on the third trading day of the week. According to data released by the State Bank of Pakistan or SBP, the greenback declined by Rs0.57 to Rs169.97 in the inter-bank market on Wednesday.
The Pakistani rupee was under severe pressure against the US dollar due to a trade deficit, which pushed the dollar to the record-high of Rs176 on October 26.
Experts cited the recovery in the value of the rupee on the back of Saudi Arabia’s announcement and clarity on the International Monetary Fund (IMF) program. The currency started recovering since Saudi Arabia announced that it was depositing $3 billion with the SBP to help support its foreign exchange reserves.
Gold price continues to drop
The downgrading value of the US dollar has been greatly impacting gold prices in Pakistan. The precious comedy has fallen by Rs15,000 in the local market in two weeks.
The gold price per tola dropped Rs250 on Wednesday, according to rates compiled by the All Sindh Sarrafa Jewelers Association. A tola of gold is now selling for Rs117,400. The price per 10-gram gold fell by Rs214 to Rs100,652.
The gold prices in the international market recorded a decline of $8 per ounce to around $1,784.
On October 26, the precious metal price increased by Rs4,200 taking it to an all-time high of Rs132,000 per tola in Pakistan.
