KARACHI – The Pakistani rupee continued to lose ground against the US dollar in both open and interbank markets on Monday as negative sentiments still prevails despite rollover of $3 billion deposit by Saudi Arabia and IMF loan.
The local currency dropped to record low against the greenback as it crossed the critical threshold of 245 in the open market.
After witnessing a decline of Rs4.40, the rupee closed at Rs245.40 against the dollar in the open market.
Meanwhile, the local currency dropped by Rs1.07 to close at 237.91 in the interbank market as it is heading to surpass an all-time low of 239.94 hit on July 28.
Experts said that multiple factors, including high demand of dollars by local importers and floods, have triggered the free fall of Pakistani currency.
A day earlier, Saudi Arabia agreed to extend a $3 billion deposit currently parked in the State Bank of Pakistan (SBP) for one more year in order to help the South Asian country tackle prevailing economic crisis.
In 2021, the Saudi Fund for Development had deposited $3 billion in Pakistan's foreign reserves for one year at 4% interest under a support package.
Pakistani rupee continues to show resistance against US dollar in the open market on Monday amid positive economic indicators.
On first working day of the week, the US dollar in open market stands at 284 for buying and 287.15 for selling.
Euro price moves up to 310.71 for buying and 311.31 for selling. British Pound rate stands at 357.55 for buying, and 358.2 for selling after marginal increase.
UAE Dirham AED stands at 77.55 whereas the Saudi Riyal also witnessed slight fall and new price stands at 75.94.
|UK Pound Sterling||GBP||357.55||358.2|
|Hong Kong Dollar||HKD||36.52||36.62|
|New Zealand Dollar||NZD||170.9||172.9|
KARACHI – Gold rates in Pakistan continue to climb higher on Monday amid surge in global trend.
On Monday, the price of 24-karat gold stands at Rs215,500 per tola, and 10 gram costs Rs184,750 per tola.
Single tola of 22 Karat Gold price stands at Rs198,550, 21 karat rate for per tola is Rs189, 525 and 18k gold rate stands at Rs162,450.00 for 1 tola.
In the international market, the price of bullion hovers around $2010 per ounce with incrrease of around $8.
|Lahore||PKR 215,500||PKR 2,610|
|Karachi||PKR 215,500||PKR 2,610|
|Islamabad||PKR 215,500||PKR 2,610|
|Peshawar||PKR 215,500||PKR 2,610|
|Quetta||PKR 215,500||PKR 2,610|
|Sialkot||PKR 215,500||PKR 2,610|
|Attock||PKR 215,500||PKR 2,610|
|Gujranwala||PKR 215,500||PKR 2,610|
|Jehlum||PKR 215,500||PKR 2,610|
|Multan||PKR 215,500||PKR 2,610|
|Bahawalpur||PKR 215,500||PKR 2,610|
|Gujrat||PKR 215,500||PKR 2,610|
|Nawabshah||PKR 215,500||PKR 2,610|
|Chakwal||PKR 215,500||PKR 2,610|
|Hyderabad||PKR 215,500||PKR 2,610|
|Nowshehra||PKR 215,500||PKR 2,610|
|Sargodha||PKR 215,500||PKR 2,610|
|Faisalabad||PKR 215,500||PKR 2,610|
|Mirpur||PKR 215,500||PKR 2,610|