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US Dollar skyrockets to Rs 142 against rupee as govt completes first 100 days

Haider Ali 12:31 PM | 30 Nov, 2018
US Dollar skyrockets to Rs 142 against rupee as govt completes first 100 days
KARACHI - The US dollar hit an all-time high of Rs142 against the Pakistani rupee in the interbank market on Friday.

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.

The State Bank of Pakistan is set to announce its monetary policy today and the market expects an increase in the interest rate which could have an effect on the dollar rate as well. The current policy rate is 8.5%.

With the latest devaluation of rupee, the total debt owed by Pakistan has spiked by another Rs760 billion.

The rupee has depreciated by a massive 36% against the dollar over the past 12 months.

The increase in Dollar price comes a day after Prime Minister Imran Khan highlighted his successes achieved in the first 100 days of incumbent regime saying, Pakistan's best days lie ahead.

Addressing the audience at the Convention Centre in Islamabad, the 66-year-old lavished praise on his wife, Bushra Bibi and credited her for the performance of his government as he took only one day off during the entire period.

“I was sworn in as your prime minister at a testing time, with a weakening economy and depleting trust in the system. This made planning our journey towards a transformed and elevated Pakistan all the more difficult. Yet we persevered, and will continue to persevere,” he added.

On the occasion, Finance Minister Asad Umar expressed that the government was exploring alternate channels instead of solely relying on the International Monetary Fund to plug the financing gap.

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 9, 2023 (Thursday).

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

Currency Symbol Buying Selling
US Dollar ‎USD 270.25 271.25
Euro EUR 290.11 290.71
UK Pound Sterling GBP 326.85 327.55
U.A.E Dirham AED 73.49 73.79
Saudi Riyal SAR 71,93 72.23
Australian Dollar AUD 184.3 186.7
Bahrain Dinar BHD 732.35 740.35
Canadian Dollar CAD 205 207.2
China Yuan CNY 40.72 41.12
Danish Krone DKK 39.92 40.32
Hong Kong Dollar HKD 35.08 35.43
Indian Rupee INR 3.35 3.46
Japanese Yen JPY 2 2.16
Kuwaiti Dinar KWD 900.32 909.32
Malaysian Ringgit MYR 64.65 65.25
New Zealand Dollar NZD 173.63 175.63
Norwegians Krone NOK 27.12 27.42
Omani Riyal OMR 715.53 723.57
Qatari Riyal ‎QAR 75.64 76.34
Singapore Dollar SGD 208.03 210.03
Swedish Korona SEK 26.1 26.4
Swiss Franc CHF 298.06 300.56
Thai Bhat THB 8.25 8.4

KARACHI – The price of a single tola of 24-karat gold in Pakistan is Rs193,700 on Thursday. The price of 10 grams of 24k gold was recorded at Rs166,070.

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 193,700 PKR 2,350
Karachi PKR 193,700 PKR 2,350
Islamabad PKR 193,700 PKR 2,350
Peshawar PKR 193,700 PKR 2,350
Quetta PKR 193,700 PKR 2,350
Sialkot PKR 193,700 PKR 2,350
Attock PKR 193,700 PKR 2,350
Gujranwala PKR 193,700 PKR 2,350
Jehlum PKR 193,700 PKR 2,350
Multan PKR 193,700 PKR 2,350
Bahawalpur PKR 193,700 PKR 2,350
Gujrat PKR 193,700 PKR 2,350
Nawabshah PKR 193,700 PKR 2,350
Chakwal PKR 193,700 PKR 2,350
Hyderabad PKR 193,700 PKR 2,350
Nowshehra PKR 193,700 PKR 2,350
Sargodha PKR 193,700 PKR 2,350
Faisalabad PKR 193,700 PKR 2,350
Mirpur PKR 193,700 PKR 2,350

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