Pakistani rupee slumps to all-time low of 255 against dollar in inter-bank market

Web Desk 12:14 PM | 26 Jan, 2023
Pakistani rupee slumps to all-time low of 255 against dollar in inter-bank market
Source: File photo

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...

Web Desk
Web Desk

Daily Pakistan Global Web Desk


Today's currency exchange rates in Pakistan - Dollar, Euro, Pound, Riyal rates on May 30, 2023

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 May 30, 2023 (Tuesday).

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

Currency Symbol Buying Selling
US Dollar ‎USD 312.9 316.15
Euro EUR .331 334.1
UK Pound Sterling GBP 381 384
U.A.E Dirham AED 84.6 85.5
Saudi Riyal SAR 82.8 83.6
Australian Dollar AUD 201 203
Bahrain Dinar BHD 760.26 768.26
Canadian Dollar CAD 225.5 227.5
China Yuan CNY 40.47 40.87
Danish Krone DKK 41.17 41.57
Hong Kong Dollar HKD 36.49 36.84
Indian Rupee INR 3.46 3.57
Japanese Yen JPY 2.25 2.3
Kuwaiti Dinar KWD 929.34 938.24
Malaysian Ringgit MYR 62.42 63.02
New Zealand Dollar NZD 172.94 174.94
Norwegians Krone NOK 26.14 26.44
Omani Riyal OMR 744.58 752.57
Qatari Riyal ‎QAR 78.53 79.23
Singapore Dollar SGD 215 217
Swedish Korona SEK 26.73 27.03
Swiss Franc CHF 315.41 317.91
Thai Bhat THB 8.28 8.43

Today's gold rates in Pakistan – May 30 2023

KARACHI - The price of a single tola of 24-karat gold in Pakistan is Rs 232,700 on Tuesday.The price of 10 grams of 24k gold was recorded at Rs199,510.   

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.

City Gold Silver
Lahore PKR 232,700 PKR 2,500
Karachi PKR 232,700 PKR 2,500
Islamabad PKR 232,700 PKR 2,500
Peshawar PKR 232,700 PKR 2,500
Quetta PKR 232,700 PKR 2,500
Sialkot PKR 232,700 PKR 2,500
Attock PKR 232,700 PKR 2,500
Gujranwala PKR 232,700 PKR 2,500
Jehlum PKR 232,700 PKR 2,500
Multan PKR 232,700 PKR 2,500
Bahawalpur PKR 232,700 PKR 2,500
Gujrat PKR 232,700 PKR 2,500
Nawabshah PKR 232,700 PKR 2,500
Chakwal PKR 232,700 PKR 2,500
Hyderabad PKR 232,700 PKR 2,500
Nowshehra PKR 232,700 PKR 2,500
Sargodha PKR 232,700 PKR 2,500
Faisalabad PKR 232,700 PKR 2,500
Mirpur PKR 232,700 PKR 2,500


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