Dollar hits new high of Rs252 after currency dealers remove cap on greenback

Web Desk 10:58 AM | 25 Jan, 2023

Source: File photo

KARACHI – The US Dollar continued its surge, and skyrocketed to over Rs252 against the Pakistani rupee in the open exchange market, a day after money changers announced removal of the price cap on the greenback.

Reports in local media quoting money changers said the USD slashed all previous records and jumped by nearly Rs12 against the Pakistani rupee and was currently being traded at a historic level of Rs252.50 in the open market.

On Tuesday, the Exchange Companies Association of Pakistan Chairman Malik Bostan announced the removal of the self-imposed price cap to sell and buy the 'hot currency'.

Money exchange companies have come up with a counter strategy and decided to remove the cap on the US dollar amid growing artificial demand for the greenback in the market.

As local currency depreciated due to depleting foreign exchange reserves held by the country’s central bank, a black market emerged for the US dollar in the cash-strapped nation.

More to follow…

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Forex

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 26, 2023 (Thursday).

Source: Forex Association of Pakistan. (last update 09:00 AM)

Currency	Symbol	Buying	Selling
US Dollar	‎USD	253.4	255.15
Euro	EUR	274	276.6
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

Gold & Silver Rate

KARACHI – The price of a single tola of 24-karat gold in Pakistan is Rs190,900 on Thursday. The price of 10 grams of 24k gold was recorded at Rs163,670.

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 190,900	PKR 2,100
Karachi	PKR 190,900	PKR 2,100
Islamabad	PKR 190,900	PKR 2,100
Peshawar	PKR 190,900	PKR 2,100
Quetta	PKR 190,900	PKR 2,100
Sialkot	PKR 190,900	PKR 2,100
Attock	PKR 190,900	PKR 2,100
Gujranwala	PKR 190,900	PKR 2,100
Jehlum	PKR 190,900	PKR 2,100
Multan	PKR 190,900	PKR 2,100
Bahawalpur	PKR 190,900	PKR 2,100
Gujrat	PKR 190,900	PKR 2,100
Nawabshah	PKR 190,900	PKR 2,100
Chakwal	PKR 190,900	PKR 2,100
Hyderabad	PKR 190,900	PKR 2,100
Nowshehra	PKR 190,900	PKR 2,100
Sargodha	PKR 190,900	PKR 2,100
Faisalabad	PKR 190,900	PKR 2,100
Mirpur	PKR 190,900	PKR 2,100