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Pound recovers as British anti-EU vote hit by MP shooting

Sarfraz Ali 12:56 PM | 17 Jun, 2016
Pound recovers as British anti-EU vote hit by MP shooting
TOKYO (APP) - The pound rose with Asian stocks on Friday after the previous day's selloff, as the killing of a British lawmaker led to canvassing for next week's EU referendum to be cancelled, which is seen to favor those wanting to stay in the bloc.

Fears Britain will vote to exit the European Union have intensified over the past week as opinion polls showed the leave camp in front -- leading to warnings of a global market cataclysm and British recession, sending the pound and other risk assets tumbling.

But campaigning for the June 23 vote was suspended until the weekend after pro-EU Labour MP Jo Cox was shot dead on Thursday. A report said her assailant had shouted the name of a far-right, anti-immigration group as he fired at her.

"It's evident that the rally is being entirely attributed to the belief that yesterday's tragedy has increased the likelihood of the 'Remain' side holding sway in next week's referendum," Ray Attrill, co-head of currency strategy at National Australia Bank, told Bloomberg News.

The pound rose to $1.4262 in Tokyo from $1.4211 in New York late Thursday, having hit two-month lows around $1.40 at one point on Thursday. It gained against 13 of its 16 major peers, according to Bloomberg News.

A lift in expectations that Britain will remain part of the EU saw dealers shift out of assets considered safe - such as gold and the yen - and into higher-yielding investments

Yunosuke Ikeda, forex strategy chief at Nomura Securities, told AFP that a speculative "drop in gold prices" was also contributing to the pound's strength. Gold was down 1.5 percent from $1,300 Friday.

The yen eased after hitting a 22-month high on Thursday when the Bank of Japan refused to ramp up its stimulus program, despite the country's struggling domestic economy. The dollar climbed to 104.63 yen in Asia after touching 103.56 yen the day before. The euro bought 117.31 yen compared with 117.11 yen.

In a sign of official concern over next week's vote, central banks in Japan, the United States and Europe are discussing injecting an emergency supply of dollars into markets to ease potential instability, business daily Nikkei reported.

On Thursday, BoJ governor Haruhiko Kuroda told reporters it "is closely consulting with other major global central banks, and we will be able to address" the risk of a dollar shortage in the market.

Sarfraz Ali
Sarfraz Ali

Sarfraz Ali is working as Editor Web for Daily Pakistan. He earned a postgraduate degree in Mass Communication from IUB and diploma in International Print Journalism from Thomson Foundation UK. He regularly writes on ...

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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 January 27, 2023 (Friday).

Source: Forex Association of Pakistan. (last update 07:00 AM)

Currency Symbol Buying Selling
US Dollar ‎USD 264 266
Euro EUR 274 276.7
UK Pound Sterling GBP 311 314
U.A.E Dirham AED 68.7 69.3
Saudi Riyal SAR 66.4 67
Australian Dollar AUD 176 178
Bahrain Dinar BHD 615.68 620.18
Canadian Dollar CAD 186 188
China Yuan CNY 34.12 34.37
Danish Krone DKK 33.83 34.18
Hong Kong Dollar HKD 29.52 29.87
Indian Rupee INR 2.81 2.89
Japanese Yen JPY 2.5 2.54
Kuwaiti Dinar KWD 756.69 761.69
Malaysian Ringgit MYR 52.59 53.04
New Zealand Dollar NZD 148.33 149.53
Norwegians Krone NOK 22.43 22.73
Omani Riyal OMR 600.37 604.87
Qatari Riyal ‎QAR 63.5 64
Singapore Dollar SGD 178 179.3
Swedish Korona SEK 21.78 22.08
Swiss Franc CHF 250.23 251.98
Thai Bhat THB 6.98 7.08

KARACHI – The price of a single tola of 24-karat gold in Pakistan is Rs197,900 on Friday. The price of 10 grams of 24k gold was recorded at Rs168,000.

Likewise, 10 grams of 22k gold were being traded for Rs150,300 while a single tola of 22-karat gold was being sold at Rs 173,200.

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.

City Gold Silver
Lahore PKR 197,900 PKR 2,100
Karachi PKR 197,900 PKR 2,100
Islamabad PKR 197,900 PKR 2,100
Peshawar PKR 197,900 PKR 2,100
Quetta PKR 197,900 PKR 2,100
Sialkot PKR 197,900 PKR 2,100
Attock PKR 197,900 PKR 2,100
Gujranwala PKR 197,900 PKR 2,100
Jehlum PKR 197,900 PKR 2,100
Multan PKR 197,900 PKR 2,100
Bahawalpur PKR 197,900 PKR 2,100
Gujrat PKR 197,900 PKR 2,100
Nawabshah PKR 197,900 PKR 2,100
Chakwal PKR 197,900 PKR 2,100
Hyderabad PKR 197,900 PKR 2,100
Nowshehra PKR 197,900 PKR 2,100
Sargodha PKR 197,900 PKR 2,100
Faisalabad PKR 197,900 PKR 2,100
Mirpur PKR 197,900 PKR 2,100

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