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[ad_1] The Pakistani rupee strengthened for the ninth consecutive session against the US dollar, appreciating 0.3% in the inter-bank market on Monday. As per the State Bank of Pakistan (SBP), the rupee settled at 295.95 after an increase of Re0.9 in the inter-bank market. During the previous week, the rupee appreciated nearly 2.1% across the five sessions to close at 296.85 against the US dollar in the inter-bank market. The currency closed positive on all five days, extending its winning run to eight successive sessions as momentum continued to favour the rupee. The change in fortune comes as authorities introduced reforms in the Exchange Companies’ sector and reportedly cracked down on smuggling, lending support to the currency markets.   [ad_2] Source link https://worldnews2023.com/business/pkr-continues-to-gain-ground-against-us-dollar-such-tv/?feed_id=327820&_unique_id=675df31d9b111

[ad_1] The Pakistani rupee fell by Rs1.52 against the US dollar during interbank trade on Tuesday, extending its losses from the previous week. The greenback was changing hands in the interbank market at a record Rs298.65 at around 1pm. In the open market, the dollar was changing hands for Rs306. The local currency closed at Rs297.13 yesterday, rising by Rs1.35 from the last week’s close of Rs295.78, according to data shared by the Exchange Companies Association of Pakistan (ECAP). Pakistan imposed import restrictions from 2022 to stem outflows from its shrinking foreign reserves. The removal of those restrictions beginning in June was a condition of a $3 billion International Monetary Fund loan programme to help the crisis-ridden economy.   [ad_2] Source link https://worldnews2023.com/business/pkr-slumps-to-record-low-against-us-dollar-such-tv/?feed_id=319436&_unique_id=66ff5b8f54c6b

[ad_1] On Saturday, the current rate for US Dollar stands at Rs280.57, as the interbank exchange rate saw a notable Rs1.77 rise during the past week. After a continuous decline in the value of the US dollar against the Pakistani currency for five weeks, there has been a trend of increasing over the past two weeks. According to the State Bank of Pakistan, on Friday, the dollar closed at 280.57 rupees in the interbank market. During the past week, the dollar saw an overall increase of Rs1.77. The value of the US dollar had been on a downward trend against the Pakistani rupee for 28 consecutive business days, dipping below 277 rupees at one point. However, the decline in the value of the dollar stopped during the last week. Currency market analysts suggest that the dollar's value had significantly dropped, and a recovery was expected. However, pressure on income payments in the interbank market emerged last Wednesday. The increase in the value of the dollar in the world ...

[ad_1] The US dollar’s relentless surge against the Pakistani rupee shows no signs of abating, reaching record highs in both the interbank and open markets on the second day of the business week. According to details, the dollar’s value climbed by an additional 75 paisas in the interbank market, settling at an alarming 302.75 rupees. In the open market, the dollar remains at a historic level of Rs316. Within a mere two weeks, the US dollar has appreciated by a staggering 13 rupees in the interbank market and 20 rupees in the open market. On Monday, the rupee concluded the day at an all-time low against the US dollar, closing at 302. [ad_2] Source link https://worldnews2023.com/business/us-dollar-soars-to-new-high-against-pkr-such-tv/?feed_id=300178&_unique_id=662f46d2e6b41

[ad_1] Gold prices continued downward trend in domestic market for second consecutive day on Tuesday as Pakistani rupee made rebound against the US dollar following IMF loan deal. The price of per tola gold plunged by Rs2,200 to close at Rs205,000 while the price of 10 grams of 24 carats gold saw a decline of Rs1,887 to settle at Rs175,754, according to the All-Pakistan Sarafa Gems and Jewellers Association’s (APSGJA) data. In the international market, the price of the precious commodity increased by $19 to settle at $1,929 per ounce. Meanwhile, the price of silver remained unchanged as Rs2,500 per tola and Rs2,143.34 per 10 grams. [ad_2] Source link https://worldnews2023.com/business/gold-price-declines-by-rs2200-per-tola-such-tv/?feed_id=19145&_unique_id=64a45f51ba20b