As the Pakistani rupee fell to a new historic low of Rs191.77 to the dollar, gold prices rose to Rs136,000/tola on Thursday.
Gold 24kt gained Rs300 per tola and Rs257 per 10grammes on the local market, reaching Rs136,000 per tola and Rs116,598 per 10grammes, respectively…
The yellow metal hit a previous record high of Rs135,700/tola on the last day because of currency depreciation, an increasing trade imbalance, and a delay in loan payment from the IMF.
While the worldwide price of silver fell 76 cents to $21.04 per ounce on Thursday, the price of silver rose Rs 60 to Rs1,560/tola and Rs51.44 to Rs1,337/tola, respectively.
There has been another drop in rupee value on interbank markets due to a lack of clarity around the country’s economic stability due to postponed negotiations with the IMF over restoring its Extended Fund Facility (EFF) and rising global commodities prices.
This is the sixth straight week that the rupee has fallen against the dollar. The State Bank of Pakistan’s (SBP) reserves fell by $59 million to $10.5 billion in the week ending on April 30. There were $6.0 billion in commercial bank reserves at the end of September.
This week, the country’s total liquid foreign reserves were at $16.5 billion, decreasing from the previous week’s total of $16.6 billion.
This week, Pakistan’s foreign exchange reserves declined by $115 million due to rising external debt payments and a larger current account deficit, reports the Wall Street Journal.
Pkr 1,001 above cost compared to the Dubai market gold prices.