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Don't worry about Dollar hike, PM Imran advises public

Haider Ali 05:10 PM | 30 Nov, 2018
Don't worry about Dollar hike, PM Imran advises public
ISLAMABAD - Prime Minister, Imran Khan said on Friday that people should not worry about the recent hike in US Dollar price against Pakistani rupee saying, his government was taking steps to ensure that a shortage of dollars would not exist in the future.

Addressing a ceremony to announce the launch of a car manufacturing plant by JW Forland, the prime minister spoke expressed he was getting phone calls about the recent devaluation of Pakistani currency as the dollar climbed an all-time high of Rs142 in the interbank.

"I want to tell everyone not to worry about the dollar hike. There is an adjustment taking place. We are taking steps which will ensure that there won't be a shortage of dollars in Pakistan," Khan told the audience.

The prime minister highlighted that Pakistan’s biggest problem was the ensuing current account deficit which stood at almost $18.5 billion adding that the government was tasked with overcoming the deficit.

"When there is pressure on the dollar, the exchange rate increases," the premier explained.

Prime Minister Khan stressed there was a need for a change in mindset, emphasising that his government had made investment easier as it creates jobs and brings dollars in the country.

The premier- who highlighted the achievements of his government during the first 100 days - also spoke on ease of doing business for investors, which in turn would attract more investors.

There was a need for technological transfer which was among the areas of focus during my trip to China, Khan added.

The prime minister elaborated that Pakistan had transformed into an import economy where manufacturing had diminished.

"For the first time in Pakistan’s history, a complete car manufacturing plant was being set up and this would create 5,000 jobs which would increase to 35,000 in the future," the premier vowed.

Earlier in the day, US dollar hit an all-time high of Rs142 against the Pakistani rupee in the interbank market.

Dollar gained Rs8 (a five percent increase) to touch the new high in the interbank market, a day after the ruling regime highlighted its steps taken in the first 100 days; the dollar stood at Rs 134 when the market closed on Thursday.

According to economic experts, the spike in dollar comes owing to the widening current account deficit and International Monetary Fund’s (IMF) suggestion to realign the rupee with market fundamentals to access funds.

Haider Ali

The writer is a civil servant.

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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 February 5, 2023 (Sunday).

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

Currency Symbol Buying Selling
US Dollar ‎USD 280.9 284.25
Euro EUR 299 302
UK Pound Sterling GBP 335 338
U.A.E Dirham AED 75.14 75.44
Saudi Riyal SAR 73.55 73.85
Australian Dollar AUD 192 194
Bahrain Dinar BHD 712.72 720.72
Canadian Dollar CAD 205 207
China Yuan CNY 39.67 40.07
Danish Krone DKK 39.33 39.73
Hong Kong Dollar HKD 34.19 34.54
Indian Rupee INR 3.28 3.39
Japanese Yen JPY 2.5 2.54
Kuwaiti Dinar KWD 878 887
Malaysian Ringgit MYR 62.83 63.43
New Zealand Dollar NZD 173.25 175.25
Norwegians Krone NOK 26.79 27.09
Omani Riyal OMR 696.08 704.08
Qatari Riyal ‎QAR 73.62 74.32
Singapore Dollar SGD 204 206
Swedish Korona SEK 25.61 25.91
Swiss Franc CHF 291.69 294.19
Thai Bhat THB 8.15 8.3

KARACHI – The price of a single tola of 24-karat gold in Pakistan is Rs 205,300 on Sunday. The price of 10 grams of 24k gold was recorded at Rs176,010.

Likewise, 10 grams of 22k gold were being traded for Rs167,318 while a single tola of 22-karat gold was being sold at Rs 195,157.

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 205,300 PKR 2,360
Karachi PKR 205,300 PKR 2,360
Islamabad PKR 205,300 PKR 2,360
Peshawar PKR 205,300 PKR 2,360
Quetta PKR 205,300 PKR 2,360
Sialkot PKR 205,300 PKR 2,360
Attock PKR 205,300 PKR 2,360
Gujranwala PKR 205,300 PKR 2,360
Jehlum PKR 205,300 PKR 2,360
Multan PKR 205,300 PKR 2,360
Bahawalpur PKR 205,300 PKR 2,360
Gujrat PKR 205,300 PKR 2,360
Nawabshah PKR 205,300 PKR 2,360
Chakwal PKR 205,300 PKR 2,360
Hyderabad PKR 205,300 PKR 2,360
Nowshehra PKR 205,300 PKR 2,360
Sargodha PKR 205,300 PKR 2,360
Faisalabad PKR 205,300 PKR 2,360
Mirpur PKR 205,300 PKR 2,360

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