The United States Dollar Friday further weakened against the Pakistani rupee and fell at the lowest value in the last 22 months. According to the financial reports, the Pakistan Rupee gained 20paisa against the US dollar in the inter-bank market. At the Inter-bank Foreign Exchange (IFEX), the dollar fell from RS152.60 to RS152.28. Pertinent to mention here that after the decrease of value in the inter-bank market, the US dollar also became cheaper in the open market. In the open market on Friday, it was observed that the dollar has fallen by 40 paisas. On the other hand, the All Sindh Sarafa Bazar (Gold Market) Association said on Friday that the international prices of gold had been increased up to 25 dollars and reached US$1820 per ounce. Resultantly, the prices of gold in Pakistan also increased. The prices of per tola gold were included with RS1100 reached up to RS105,500 while 10-gram gold was sold at RS90,450 with an increase of RS944 on Friday.
The previous day, the rupee closed at Rs153.18 versus the US dollar.
In addition to decreased demand for dollars as a result of the ongoing pandemic, the local unit has gained significant ground thanks to enhanced foreign exchange reserves, a current account surplus, foreign loan receipts, and increased remittances.
Since hitting an all-time low of Rs168.43 in August of last year, the rupee has gained more than Rs15 during the past seven months.
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