Saturday, November 27, 2021

Pakistan gold price soars after rupee devaluation

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KARACHI: The price of gold witnessed a significant increase in Pakistan after the rupee slumped to a fresh all-time low of Rs172.78 against the US dollar.

One tola of precious yellow metal rose by Rs1,800 to Rs119,800 per tola, according to Muhammad Arshad, chairman of the All Pakistan Jewellers Manufacturers Association.

Likewise, he said the rate of 10 grams gold increased by Rs1,544 to Rs102,790.

Also Read: Rupee tumbles to fresh all-time low against US dollar

On the other hand, gold is trading at US$1,762 per ounce after a drop of $5 in the international market.

The Pakistani rupee’s slide continued against the United States (US) dollar in the inter-bank currency market on the first trading day of the week. According to forex dealers, the local unit today tumbled to a fresh all-time low at Rs173 against the greenback, showing depreciation of Rs1.82 over Friday’s close of Rs171.18.

Rising demand for the US dollar is driving up its value despite a number of measures introduced by the State Bank to ease the pressure on the exchange rate.

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