US Dollar records depreciation in value against Pakistani Rupee

KARACHI: The United States Dollar (USD) registered a decline against the Pakistani Rupee (PKR) on Thursday with a decrease of Rs0.16 in value in the interbank market, ARY News reported.

The greenback is currently being traded at Rs167.70.

The exchange rate of Pakistani rupee against US dollar witnessed an increase of 15 paisa in interbank yesterday and traded at Rs 167.76 against Rs 167.89 on last trading day, State Bank of Pakistan reported.

However, according to Forex Association of Pakistan, the buying and selling rates of Dollar in open market were recorded at Rs163.5 and Rs166 respectively.

Gold prices inched higher on Thursday on a weak dollar, amid improving risk sentiment on hopes that the novel coronavirus pandemic is nearing a peak.

Spot gold rose 0.1% to $1,647.94/oz by 3.12am GMT, having hit a four-week high of $1,671.40/oz on Tuesday. US gold futures were flat at $1,683.40/oz.

With the dollar showing signs of weakness, gold prices will remain supported, Stephen Innes, chief market strategist at financial services firm AxiCorp, said in a note.

Trading volumes have tapered off over the past 24 hours as risk sentiment has stabilised and started to improve, he added. Asian shares rose, tracking gains on Wall Street, and risk-sensitive currencies climbed on optimism that the pandemic may be peaking.

The dollar was little changed after slipping 0.1% against key rivals earlier in the session. It is down 0.6% so far this week.