ISLAMABAD – Pakistan is not expected to further devalue its currency as pressure on the rupee has decreased, said an official of Fitch Ratings.
“We currently do not expect a large further devaluation of the Pakistan rupee,” Krisjanis Krustins, a Hong Kong-based director at Fitch told Bloomberg on Friday as the South Asian country is scrambling to revive the loan deal with the global lender.
“Although the currency has been very stable over the past few months, pressure on the reserves of the State Bank of Pakistan has also been contained, which suggests minimal interventions to support the currency,” the official said.
The cash-strapped Pakistan’s ninth review has been pending since November last despite implementing the conditions laid forth by the IMF.
The global lender said that it is working with Pakistani government to fix its currency market and other issues before it issues the funds.
The IMF programme is set to expire on June 30 this year but the government was hopeful of revival the bailout package. The international loan lender is yet to release about $2.5 billion to Pakistan to complete the programme.
It is recalled that the rupee has plunged more than 20% this year against the US dollar after officials started devaluing the currency in January this year.
A day earlier, Minister for Finance Ishaq Dar said that Pakistan had tried its best to fulfill all necessary conditions of the IMF.
Talking to a private television channel, he said IMF should not object to presenting a people-friendly budget. In reply to a question, the Minister said there is no risk of default of the country.
KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on September 30, 2023 (Saturday).
Source: Forex Association of Pakistan. (last update 09:00 AM)
|UK Pound Sterling||GBP||353.3||357|
|Hong Kong Dollar||HKD||37.93||38.28|
|New Zealand Dollar||NZD||174.58||176.58|
KARACHI - The price of a single tola of 24-karat gold in Pakistan is Rs 205,600 on Saturday.
The price of 10 grams of 24k gold was recorded at Rs 176,270. Likewise, 10 grams of 22k gold were being traded for Rs168,730 while a single tola of 22-karat gold was being sold at Rs196,807.
Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.
|Lahore||PKR 205,600||PKR 2,450|
|Karachi||PKR 205,600||PKR 2,450|
|Islamabad||PKR 205,600||PKR 2,450|
|Peshawar||PKR 205,600||PKR 2,450|
|Quetta||PKR 205,600||PKR 2,450|
|Sialkot||PKR 205,600||PKR 2,450|
|Attock||PKR 205,600||PKR 2,450|
|Gujranwala||PKR 205,600||PKR 2,450|
|Jehlum||PKR 205,600||PKR 2,450|
|Multan||PKR 205,600||PKR 2,450|
|Bahawalpur||PKR 205,600||PKR 2,450|
|Gujrat||PKR 205,600||PKR 2,450|
|Nawabshah||PKR 205,600||PKR 2,450|
|Chakwal||PKR 205,600||PKR 2,450|
|Hyderabad||PKR 205,600||PKR 2,450|
|Nowshehra||PKR 205,600||PKR 2,450|
|Sargodha||PKR 205,600||PKR 2,450|
|Faisalabad||PKR 205,600||PKR 2,450|
|Mirpur||PKR 205,600||PKR 2,450|