Tag: Pakistani Rupee

  • Gold price jumps by Rs1,100 per tola, reaching Rs214,300

    Gold price jumps by Rs1,100 per tola, reaching Rs214,300

    The gold prices in Pakistan continued their upward trajectory, building on gains from the last session of the previous week. On Monday, the price of 24-karat gold surged by Rs1,100 per tola, reaching Rs214,300 per tola.

    According to the Karachi Sarafa Association, the price of 10-gramme 24-karat gold stood at Rs183,728, marking an increase of Rs943 compared to the previous session. Additionally, the price of 10-gramme 22-karat gold rose to Rs168,417.

    In contrast, silver prices remained stable, with 24-karat silver being sold at Rs2,580 per tola and 10-gramme silver trading at Rs2,211.93.

    It is noteworthy that domestic gold ended last week in the red zone due to a decline in international prices. The ongoing uncertainty surrounding the delay in election results also failed to stimulate demand for this safe-haven asset.

    Internationally, spot gold has extended its rally for the third consecutive session, currently trading at $2,021.8. This rebound follows last week’s release of hotter-than-anticipated US inflation data, which initially pushed gold below the $2,000 mark for the first time in two months.

    Given the influence of domestic currency fluctuations on the domestic gold rate, it is crucial to mention that the Pakistani rupee (PKR) concluded its 13-week-long historic winning streak against the US dollar. Last week, the PKR experienced a marginal drop of 8 paisa.

    Since gold is denominated in US dollars, a depreciation of the PKR against the US dollar results in an increase in the value of PKR-denominated gold. The market remains attentive to both global and domestic factors influencing these shifts in precious metal prices.

  • 24-karat gold price increases by Rs1,300 per tola

    24-karat gold price increases by Rs1,300 per tola

    In a persistent upward trend, the domestic bullion market showcased further gains, particularly in the value of 24-karat gold, which surged by Rs1,300 per tola to reach Rs212,400 on Friday.

    According to the latest report from the Karachi Sarafa Association, the price of 10-gram 24-karat gold experienced a notable increase, reaching Rs182,099 and reflecting a gain of Rs1,115 compared to the previous session.

    Simultaneously, the price of 10-gram 22-karat gold saw an uptick, settling at Rs166,924.

    Despite the positive momentum in the gold market, silver prices remained steady, with 24-karat silver holding at Rs2,580 per tola and 10-gram silver trading at Rs2,211.93.

    Interestingly, despite today’s substantial rise in gold prices and the prevailing political instability in the country, local gold is on track to record a weekly loss.

    This comes on the heels of hotter-than-anticipated US inflation data released on Wednesday, causing gold to dip below the $2,000 mark for the first time in two months.

    Bloomberg reported that the American Consumer Price Index (CPI) data disappointed investors, reversing recent declines in price pressures and dampening expectations for rate cuts this year.

    However, the international spot gold has rebounded strongly since Wednesday’s decline, currently trading at $2,007.61, reflecting a gain of over $3 day-over-day.

    Amidst these global dynamics, the fluctuation in the domestic currency plays a crucial role in determining the domestic gold rate.

    It’s noteworthy that the Pakistani Rupee (PKR) snapped its 13-week-long and historic winning streak against the US Dollar, experiencing a marginal drop of 8 paisa.

    Given that gold is denominated in US dollars, a depreciation of the PKR against the dollar contributes to the rise in the value of PKR-denominated gold.

    The bullion market’s resilience in the face of global challenges highlights its sensitivity to both local and international economic factors, providing a nuanced perspective for investors and stakeholders.

  • 24-karat gold price increases to Rs211,100 per tola

    24-karat gold price increases to Rs211,100 per tola

    In a rebound from the significant dip in the previous session influenced by higher-than-expected US inflation data, the price of 24-karat gold in the local bullion market surged by Rs300, reaching Rs211,100 per tola on Thursday.

    According to the Karachi Sarafa Association, the cost of 10-gramme 24-karat gold witnessed a notable increase, reaching Rs180,984, marking a gain of Rs257 compared to the previous session.

    Conversely, the price of 10-gramme 22-karat gold experienced a decline, falling to Rs165,902.

    Silver prices, on the other hand, remained stable today.

    The 24-karat silver was reported to be trading at Rs2,580 per tola, while the 10-gramme silver was at Rs2,211.93.

    Internationally, the spot gold market showed signs of recovery, currently being traded at $1,993.75, registering a gain of $1.45 day-on-day.

    Notably, yesterday’s shock in the consumer price index (CPI) pushed gold prices below the $2,000 mark for the first time in two months.

    The disappointing US CPI data took investors by surprise, following a recent decline in price pressures that had fueled expectations of rate cuts later this year, as reported by Bloomberg.

    The likelihood of a rate cut in May dropped to about 32 per cent, down from around 64 per cent before the release of the inflation data, with less than 90 basis points anticipated for the remainder of the year.

  • Gold prices hold steady in Pakistan despite international dip

    Gold prices hold steady in Pakistan despite international dip

    In a Monday market report, the All Pakistan Gems and Jewellers Sarafa Association (APGJSA) revealed that gold prices in Pakistan remained unchanged, defying a slight decrease observed in the international market.

    As per the rates provided by APGJSA, the gold price per tola stood firm at Rs214,300, showcasing resilience in the local market.

    The 10-gramme gold rate echoed this stability, with APGJSA reporting it at Rs183,728, remaining unchanged from the previous close.

    Despite the international market witnessing a slight dip, Pakistan maintained its pricing consistency.

    Internationally, the gold rate, with a $20 premium, settled at $2,043 per ounce on Monday. This marked a marginal decrease of $2 in the wake of market fluctuations, according to APGJSA.

    The association emphasised the steadfast nature of the local gold market despite the international trend.

    In contrast, silver rates in Pakistan remained unwavering, standing at Rs2,600 per tola on Monday, reinforcing the stability observed in precious metal markets locally.

  • PKR registers only 0.92% rise against US dollar since the onset of 2024

    PKR registers only 0.92% rise against US dollar since the onset of 2024

    The Pakistani rupee (PKR) maintained its upward trajectory for the 13th consecutive week, gaining 12.88 paisa against the US dollar and settling at PKR 279.28 per USD.

    This positive momentum marks a notable shift from the previous week’s closing rate of PKR 279.41 per USD.

    Analysing the broader financial trends, the PKR has appreciated against the US dollar by 6.71 rupees, or 2.4 per cent, during the current financial year. Looking at the calendar year, the PKR has shown a gain of 2.58 rupees, or 0.92 per cent.

    Friday’s trading session witnessed the PKR displaying strength as it appreciated by over 6 paisa. The intraday high (bid) reached 279.9, while the low (ask) touched 279.6, showcasing the currency’s resilience in the face of market fluctuations.

    In the open market, exchange companies quoted buying rates at 278.89 and selling rates at 281, contributing to the overall positive sentiment surrounding the PKR.

    Comparatively, against major currencies, the PKR experienced a marginal loss of 26.91 paisa against the Euro, closing at 300.87.

    Meanwhile, the British Pound became more affordable by 20.31 paisa, closing at 352.33. The Swiss Franc saw a decline of 1.59 rupees, closing at 318.89, and against the Japanese Yen, the PKR gained 1.71 paisa, closing at 1.8695.

    In the global currency market, the Chinese Yuan lost 0.4 paisa, closing at 38.82, while the Saudi Riyal closed at 74.47, experiencing a marginal loss of 1.43 paisa. The U.A.E. dirham also saw a decrease in value of 1.57 paisa, settling at 76.05.

    Shifting focus to the money market, the benchmark 6-month Karachi Interbank bid and offer rates experienced a 9 basis point increase, reaching 21.05 per cent and 21.3 per cent, respectively.

    This upward movement in yields follows the State Bank of Pakistan (SBP) maintaining the policy rate at 22 per cent for the fifth consecutive meeting, contributing to the evolving financial landscape.

  • Pakistani rupee gains 6 paisa against US dollar, closes at Rs279.79

    Pakistani rupee gains 6 paisa against US dollar, closes at Rs279.79

    The Pakistani rupee (PKR) continued its upward trend against the US dollar (USD) for the fifth consecutive session, appreciating by 0.02 per cent in the interbank market on Tuesday.

    Closing at Rs279.79, the local unit gained Re0.06 against the greenback.

    This follows Monday’s positive performance, where the rupee settled at 279.85 against the US dollar.

    A notable development on the economic front is the government’s active pursuit of a government-to-government (G2G) agreement with Saudi Arabia and the United Arab Emirates (UAE) for upfront foreign currency repatriation against future workers’ remittances. 

    Both Saudi Arabia and the UAE hold significant importance as countries contributing to foreign exchange through remittances from Pakistani workers. 

    Meanwhile, on the global stage, the US dollar experienced a slight easing, resulting in a 0.07 per cent increase in sterling, reaching $1.2720.

    Compared to major currencies, the Pakistani currency depreciated by 18.84 paisa against the Euro, closing at Rs305.03, as opposed to the previous value of Rs304.84.

    The British Pound strengthened, increasing by 1.02 rupees and closing at Rs356.34, compared to Rs355.33 from the previous day.

    The Swiss Franc exhibited gains of 54.58 paisa, concluding at Rs322.62, in contrast to the previous session’s value of Rs322.08.

    Against the Japanese Yen, PKR experienced a decrease of 0.98 paisa, closing at Rs1.8993 compared to Rs1.8895 a day ago.

    Conversely, the Chinese Yuan appreciated by 13.91 paisa, closing at Rs39.03 against the previous session’s Rs38.89.

  • Pakistani rupee shows marginal strength, gains 4.51 paisa against US dollar

    Pakistani rupee shows marginal strength, gains 4.51 paisa against US dollar

    In Monday’s interbank session, the Pakistani rupee (PKR) exhibited a slight appreciation of 4.51 paisa against the US dollar (USD), settling at PKR 279.85 per USD, compared to the previous closing of PKR 279.9 per USD. The intraday fluctuations showed a bid high of Rs280.1 and an ask low of Rs279.8.

    In the open market, exchange companies quoted the dollar at 279 for buying and 281 for selling. Notably, Pakistan received the second installment of SDR 528 million, equivalent to $705.6 million, from the International Monetary Fund (IMF) last week. 

    The first review report under the standby arrangement emphasised the importance of market-determined exchange rates and the gradual development of the foreign exchange (FX) market.

    Against major currencies, the PKR experienced fluctuations:

    Euro: lost 37.07 paisa, closing at 304.84 compared to the previous value of 304.47.

    British Pound: increased by 39.06 paisa, closing at 355.33 compared to 354.94 from a day ago.

    Swiss Franc: Saw losses of 20.03 paisa, closing at 322.08 compared to 322.28 in the previous session.

    Japanese yen: lost 0.19 paisa, closing at 1.8895 versus 1.8876 a day ago.

    Chinese Yuan: Lost 2.38 paisa, closing at 38.89 against 38.91 from the previous session.

    Saudi Riyal: Closed at 74.62 with a loss of 1.2 paisa from its value of 74.63 a day ago.

  • Interbank closing: PKR gains 8 paisa to close at Rs279.9 versus USD

    Interbank closing: PKR gains 8 paisa to close at Rs279.9 versus USD

    The Pakistani rupee (PKR) strengthened by 8.24 paisa against the US dollar (USD) in Friday’s interbank session, concluding the trade at PKR 279.9 per USD, surpassing the previous session’s closing rate.

    The local currency experienced an intraday high (bid) of Rs280.4 and a low (ask) of Rs279.9.

    In the open market, Exchange Companies quoted the dollar at Rs279.5 for buying and Rs281 for selling.

    Comparatively, against major currencies, the PKR gained 20.17 paisa against the Euro, closing at Rs304.47 in contrast to the previous value of Rs304.67. 

    The British Pound became more affordable by 30.06 paisa, concluding at Rs354.94 compared to Rs355.24 a day earlier. 

    The Swiss franc incurred losses of 1.38 rupees, settling at Rs322.28 compared to Rs323.66 from the previous session.

  • Pakistani rupee edges up against US dollar, marks 0.5% gain at closing

    Pakistani rupee edges up against US dollar, marks 0.5% gain at closing

    The Pakistani rupee exhibited a modest uptick of 0.1 per cent against the US dollar during the initial trading hours on Wednesday in the inter-bank market.

    At approximately 10:40 am, the local currency stabilised at Rs280.

    However, at the time of closing, the PKR experienced further appreciation against the US dollar, increasing by 0.05 per cent.

    According to the State Bank of Pakistan (SBP), the rupee concluded at Rs280.1, marking an increase of Re0.15 against the US dollar.

    In contrast, on the preceding day, the rupee experienced a dip, settling at Rs280.25 against the US dollar, as reported by the State Bank of Pakistan.

    Internationally, the US dollar index maintained a one-month high on Wednesday, propelled by comments from Federal Reserve Governor Christopher Waller that tempered expectations of a March rate cut. 

    Consequently, market projections for a March rate cut decreased from 76.9 per cent to 62.2 per cent, according to CME’s FedWatch Tool.

    Although the current market pricing aligns the Fed rate curve more reasonably, there are still a notable 157 basis points of rate cuts anticipated for 2024, suggesting potential for further adjustment.

    The dollar index, gauging the greenback against major currencies, concluded at 103.35, having reached 103.42 in the previous session—the highest level since December 13.

  • Pakistani rupee continues to gain ground against major currencies

    Pakistani rupee continues to gain ground against major currencies

    In Tuesday’s interbank session, the Pakistani rupee (PKR) demonstrated resilience against the US dollar (USD), settling the trade at PKR 280.25 per USD.

    This maintained a stable position compared to the previous session’s closing rate of PKR 280.24 per USD.

    Throughout the day, the currency experienced an intraday high (bid) of Rs280.6 and a low (ask) of Rs280.1.

    In the open market, Exchange Companies quoted the US dollar at Rs279 for buying and Rs281 for selling.

    Notably, the PKR celebrated its 9th consecutive weekly victory, appreciating by 1.04 rupees against the US dollar last week.

    This positive trend can be attributed to various factors, including increased liquidity in the foreign exchange market, tighter enforcement of regulations, a reduction in the money supply, a balance of payments surplus due to low import demand, and a moratorium on Chinese debt repayments.

    In comparison to major currencies, the PKR exhibited strength by gaining 1.17 rupees against the Euro, closing at Rs305.92 in contrast to the previous value of Rs307.09.

    The British Pound became more affordable by Rs2.15, concluding at Rs355.06 compared to Rs357.21 from the previous day.

    The Swiss franc experienced losses of 2.48 rupees, closing at Rs326.23 as opposed to Rs328.71 in the previous session.

    Against the Japanese Yen, the PKR gained 0.96 paisa, closing at Rs1.9181 versus Rs1.9277 a day ago.

    Meanwhile, the Chinese Yuan saw a slight decline, losing 6 paisa and closing at Rs39.01 against Rs39.07 from the previous session.