Pakistani rupee slides for 13th straight session

KARACHI: The Pakistani rupee continued to depreciate against the US dollar on Wednesday, losing another Rs0.51 in the interbank market, SBP said.

According to the State Bank of Pakistan, the dollar traded for Rs286.90 in the interbank at the day’s end. It had closed yesterday at Rs286.39.

In the open market, the dollar was changing hands for Rs289, according to the Exchange Companies Association of Pakistan (ECAP).

This is the 13th straight session in which the rupee trended downward.

Gold rates

On the other hand, the gold prices in Pakistan continued an upward trend as per tola price witnessed an increase of Rs200 in the local market on Wednesday.

The price of precious yellow metal increased by Rs200 per tola in Pakistan to trade at Rs214,200, said Muhammad Arshad, the chairman of the All Pakistan Jewellers Manufacturers Association.

Likewise, the rate of 10 grams of the precious metal also saw an increase of Rs172 to trade at Rs 183,642.

On the international stage, gold prices have experienced an upswing, with the current rate standing at $1,988 per ounce.