Gold rate drops further, PKR regains ground against USD

Karachi: The gold rate on Wednesday dropped by Rs350 in the local market, while PKR gained by 59 paisas against the US Dollar.

The rate for 24 kt Gold dropped further by Rs350 to settle at Rs1,37,400 on Wednesday.

Consequently, the price for 10 gram 24kt Gold dropped and sold at Rs1,17,798.

The price of one ounce of the precious metal dropped by $27 in the international market too and sold at $1829.

Dollar Rate

Meanwhile, the PKR continued to regain some ground against the USD in the interbank market.

According to data issued by the State Bank of Pakistan (SBP), the local currency gained by 59 paisas against the US Dollar and settled at Rs197.87 in the interbank market.

The PKR has fought back and gained by Rs4.14 after reaching an all-time high of Rs202 against the greenback on May 26, 2022.

The local currency gained by 30 paisas in the open market too and settled at Rs198.

Also Read:Gold price drops by Rs250, Dollar loses by 0.35%

Recent negotiations with the International Monetary Fund (IMF) and a possible accord have halted the downward streak of the PKR in the open as well as the interbank market.

The government had also increased petroleum prices to meet the IMF’s prerequisites for the sanctioning of the economic relief package.