The American dollar surged in the interbank market, reaching 279.64 rupees, marking a modest increase of 5 paise according to State Bank of Pakistan data.
At the beginning of today’s trading session, the dollar was trading at 279.30 rupees after a decrease of 29 paise.
Recall that on the last day of the previous week’s trading, Friday, the dollar closed at 279.59 rupees.
Meanwhile, Pakistani currency has shown significant improvement during the ongoing fiscal year. There has been a notable increase of 2.3% in the overall value of the Pakistani rupee against the American dollar since the beginning of the fiscal year.
Additionally, a series of fluctuations in gold prices has led to an increase in local gold prices following global market trends. International bullion markets witnessed an increase of $12 per ounce, bringing gold prices to $2050 per ounce, consequently impacting local prices.
According to foreign exchange associations, local gold prices surged by Rs. 1500 per tola to Rs. 215,400, and by Rs. 1286 per ten grams to Rs. 184,671.
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