KARACHI – Pakistani rupee plunged drastically to approach an all-time low, days after currency exchangers lifted a cap on the rupee-dollar rate.
Earlier during the day, the currency was trading at 231 while the greenback increased by Rs 24 and was being quoted at 254.75 during intra-day trading.
The massive depreciation of over 9 percent during the trading session of the local currency is the largest single-day decline in decades.
It was also reported the country's central bank is adjusting the exchange rate to the market rate to address the widening difference between the official and open market rate.
The recent development comes as the coalition government agreed to the stringent conditions set by the US-based global lender to let the exchange rate be set by the market.
Amid the worrisome situation, money market pundits claimed the rupee was bound to plunge in the coming days as the cash-strapped nation moved to meet harsh conditions demanded by the International Monetary Fund (IMF) for the ninth review of the crucial programme.
Earlier this week, 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.
The local currency depreciation was also linked with depleting foreign exchange reserves held by the country’s central bank.
More to follow...
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 March 25, 2023 (Saturday).
Source: Forex Association of Pakistan. (last update 09:00 AM)
|UK Pound Sterling||GBP||345.5||349|
|Hong Kong Dollar||HKD||35.92||36.27|
|New Zealand Dollar||NZD||177.56||179.56|
KARACHI - The price of a single tola of 24-karat gold in Pakistan is Rs 207,000 on Saturday.The price of 10 grams of 24k gold was recorded at Rs177,470.
Likewise, 10 grams of 22k gold were being traded for Rs163,624 while a single tola of 22-karat gold was being sold at Rs 190,880.
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 207,000||PKR 2,445|
|Karachi||PKR 207,000||PKR 2,445|
|Islamabad||PKR 207,000||PKR 2,445|
|Peshawar||PKR 207,000||PKR 2,445|
|Quetta||PKR 207,000||PKR 2,445|
|Sialkot||PKR 207,000||PKR 2,445|
|Attock||PKR 207,000||PKR 2,445|
|Gujranwala||PKR 207,000||PKR 2,445|
|Jehlum||PKR 207,000||PKR 2,445|
|Multan||PKR 207,000||PKR 2,445|
|Bahawalpur||PKR 207,000||PKR 2,445|
|Gujrat||PKR 207,000||PKR 2,445|
|Nawabshah||PKR 207,000||PKR 2,445|
|Chakwal||PKR 207,000||PKR 2,445|
|Hyderabad||PKR 207,000||PKR 2,445|
|Nowshehra||PKR 207,000||PKR 2,445|
|Sargodha||PKR 207,000||PKR 2,445|
|Faisalabad||PKR 207,000||PKR 2,445|
|Mirpur||PKR 207,000||PKR 2,445|
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