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Dollar

Google glitch depicts incorrect Pakistani rupee value against US dollar

KARACHI: During an undetected technical glitch for few hours, the "Google" currency converter on Wednesday depicted an extraordinary appreciation of Pakistani rupee against the US dollar and other world currencies. The fault was highlighted when people began posting screenshots of the google glitch which displayed the Pakistani currency conversion rate to one US dollar to be Rs 76 instead of Rs 139. The Google converter also displayed the price of one Euro equal to Rs 87.02 and price of one British Pound equal to Rs…

Dollar slips to four-month low against yen amid turmoil in Washington

TOKYO: The dollar fell against the safe-haven yen and Swiss franc on Tuesday as investors cut their exposure to riskier assets amid the partial U.S. government shutdown and signs of confrontation between the White House and the Federal Reserve. The dollar fell 0.39 percent to 110.00 yen, its lowest level since late August and is set to fall for an eighth straight session against the Japanese currency, with London and New York shut for Christmas. The yen also hit a 16-month high against the British pound, trading at…

Pakistan Stock Exchange sheds almost 800 points in intraday trading

KARACHI: The Pakistan Stock Exchange (PSX) showed downward trend on Wednesday, with its benchmark KSE-100 Index lost almost 800 points in intraday trading, marking a loss of 2%. According to details, the current downward trend is mainly due to the State Bank of Pakistan's (SBP) resolution to elevate key lending rate by 150 basis points (bps) to 10% as well, in addition to the fall in the value of the Pakistani rupee previous Friday. Also, the benchmark index has till now shed more than 3,000 points under the PTI…

Rupee recovers from historic low against dollar

KARACHI: The rupee recovered against the dollar during early day trading in the open market on Monday as the greenback fell by Rs 3 to Rs 136, ARY News reported. Previously, the US dollar was trading at Rs 139.02 in the interbank market. The value of the dollar had shot up by Rs8 in the interbank market during trading on Friday, taking it to Rs 142, and by the day end it closed at Rs 139. Commenting on a latest drop, experts said the appreciation of rupee is a temporary phenomenon, and it could depreciate again in…

No need to worry about rupee devaluation as investment coming to Pakistan: PM

ISLAMABAD: Prime Minister Imran Khan on Friday said there is no need to worry about rupee devaluation as investment coming to Pakistan would address the economic issues facing the country, including the rupee-dollar disparity.  Speaking at the launching event of JW Forland automobiles assembly plant project, he said the Chinese company is going to invest up to $900 million in Pakistan as automobiles will now be fully assembled in the country for the first time. The prime minister said the project would initially create…

Dollar rises to historic high of Rs 142 in interbank market

KARACHI: In a historic surge, the value of the dollar shot up by Rs8 in the interbank market during trading on Friday morning, ARY News reported. The rate of dollar rate has now reached Rs 142 in the interbank market, against Rs 134 trading yesterday (Nov 29). The current account deficit is said to be reason behind the fresh surge. The government is holding talks with the International Monetary Fund, and the IMF has asked Pakistan bring down rupee in terms of the dollar, reported our correspondent. It appeared that…

Gold holds firm on subdued dollar

BENGALURU: Gold prices were steady in holiday-thin trade on Thursday after hitting a two-week peak in the previous session, with improved risk appetite weighing on the U.S. dollar. Spot gold was 0.1 percent higher at $1,227.25 per ounce at 0742 GMT. Prices on Wednesday marked their strongest since Nov. 7 at $1,230.07 per ounce. U.S. gold futures were flat at $1,227.6 per ounce. “The market is a bit slow today with low volume due to the Thanksgiving holiday... The dollar is slightly on the downside, giving some support…

US Dollar down by 17 paisa in interbank market

KARACHI: The rate of US dollar on Wednesday was observed as Rs132.50 after a plunge of 17 paisa in interbank market. The US dollar is traded at the rate of Rs132.50 after the fall is observed . The buying price of US dollar is Rs131.50, however, the selling price is Rs133.50. Furthermore, on 6th November, the gold price showed amplification of Rs 750 to Rs 60500 per tola. The gold cost as per 10 grams was boosted by Rs 631 to Rs 51853. In the meantime, the gold price monitored in the global market augmented by $4 to…

Russia seeks to dump dollar as new US sanctions loom

MOSCOW: Moscow is intensifying efforts to wean its economy off the dollar as Washington considers tough new sanctions that could deny Russia access to foreign debt markets and cut its banks from the greenback. President Vladimir Putin has repeatedly slammed the US unit's dominance on the world's stage but the country's previous efforts to de-dollarize its economy have so far had little success. But with Russian business circles fearing a new round of US measures over Moscow's alleged international aggression and…

US Dollar slipped down by Rs1.92 in Interbank market

KARACHI: The US dollar showed downward trend by Rs1.92 against Pakistani rupee in interbank market on Wednesday. Due to decline in US dollar rate, it is being traded at Rs132, the buying price is Rs131, whereas it is being sold at Rs133. The turn down in US dollar rate, has eventually lower down the national debt by Rs180 billion, which is a leading way towards economic steadiness. The Pakistan Stock Exchange has gained tremendously on early Wednesday, as its benchmark KSE-100 index gushed by 1,227 points to reach…