LAHORE – Pakistani rupee has registered significant gains against the US dollar in past 13 consecutive session after the local currency dropped to historic low level both in interbank and open market.
It was on September 5 when the greenback crossed the all-time high level Rs308 in the interbank while it was being traded at Rs333 in the open market on the same day amid fears of further depreciation of rupee.
However, the dollar started losing ground after Chief of Army Staff General Asim Munir assured the business community of bringing transparency in the currency exchange rate and narrowing the gap between interbank and open market rates.
As of today, the dollar has dropped to Rs291.40 after losing Rs1.37 against rupee. It is available at Rs295 in the open market on Friday (September 22).
A journalist Kamran Yousaf has claimed to have an inside story, explaining how the gaining streak of the dollar was snapped.
He claimed that a powerful official held a meeting with leading money changers of the country in Islamabad a day earlier. He said the meeting lasted for only two minutes.
He added that the official told them after greetings that the real value of dollar is Rs250 and “we want the same rate in the market”.
“If it is not implemented, you will be responsible for the consequences,” the person warned the money changers and left the room without hearing them.
Pakistani rupee remained stable against US dollar, and other currencies in the open market amid strong economic cues.
On Sunday, the US dollar was being quoted at 285.15 for buying and 287.95 for selling.
Euro moves down to 309.9 for buying and 310.5 for selling. British Pound rate stands at 359.4 for buying, and 360.05 for selling.
UAE Dirham AED also moved down to 77.45 whereas the Saudi Riyal drops to 75.82.
|UK Pound Sterling||GBP||359.4||360.05|
|Hong Kong Dollar||HKD||36.38||36.48|
|New Zealand Dollar||NZD||173.44||175.44|
The price of gold increased by thousands of rupees due to an upward trend in the international market.
On Sunday, the price of a single tola of 24-karat gold stands at Rs219,800 and 10 grams of 24k gold costs Rs188,450.
Meanwhile, single tola of 22 Karat gold costs Rs201,482, 21 karat rate costs Rs192,325 and 18k gold rate is Rs164,850.
Globally, gold prices hover at around $2072, gaining $32 on Sunday.
|Lahore||PKR 219,800||PKR 2,730|
|Karachi||PKR 219,800||PKR 2,730|
|Islamabad||PKR 219,800||PKR 2,730|
|Peshawar||PKR 219,800||PKR 2,730|
|Quetta||PKR 219,800||PKR 2,730|
|Sialkot||PKR 219,800||PKR 2,730|
|Attock||PKR 219,800||PKR 2,730|
|Gujranwala||PKR 219,800||PKR 2,730|
|Jehlum||PKR 219,800||PKR 2,730|
|Multan||PKR 219,800||PKR 2,730|
|Bahawalpur||PKR 219,800||PKR 2,730|
|Gujrat||PKR 219,800||PKR 2,730|
|Nawabshah||PKR 219,800||PKR 2,730|
|Chakwal||PKR 219,800||PKR 2,730|
|Hyderabad||PKR 219,800||PKR 2,730|
|Nowshehra||PKR 219,800||PKR 2,730|
|Sargodha||PKR 219,800||PKR 2,730|
|Faisalabad||PKR 219,800||PKR 2,730|
|Mirpur||PKR 219,800||PKR 2,730|