Gold appreciates in domestic market

Gold rates in Pakistan on Wednesday witnessed an increase as per tola price went up by Rs50 in the domestic market, ARY News reported.

According to Pakistan Jewelers Manufacturers Association Chairman Muhammad Arshad, the per tola rate of the precious metal witnessed an increase of Rs50 to settle at Rs125,000.

Likewise, the price of 10 grams of gold increased by Rs43 to Rs90,400 per tola in the local market.

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On the other hand, Pakistani rupee continued its rally against the United States (US) dollar in the interbank currency market on Wednesday.

According to the data shared by the State Bank of Pakistan (SBP), the domestic currency closed at Rs176.41 against the greenback, showing appreciation of 2 paisas over the previous close of Rs176.43.

The Pakistani Rupee declined by almost 12 per cent last year. The dollar flight continued despite multiple measures taken by the State Bank of Pakistan (SBP) to stabilise the exchange rate.