KARACHI: On Thursday, the Pakistani rupee continued its progress against the US dollar. According to the Forex Association of Pakistan (FAP), the local currency gained 1.22 per cent or Rs2.71 in the interbank market by 9:52 AM and traded at Rs219.2. In the last seven sessions, the greenback lost Rs18.03 or 7.91pc in value against the rupee.
Malik Bostan, Chairperson FAP, said that recovery in the rupee occurred due to different factors. He said that investors gained confidence after the green signal by the International Monetary Fund (IMF) for the release of the $1.2 billion tranche between August 19 and 24.
He added that improvement in the Eurobond rating of Pakistan, a decrease in import bills, and a downward trend in inflation were other important reasons that strengthened the rupee. Malik said the dollar would further lose value and might trade at Rs200 in the forthcoming days.
Meanwhile, the price of gold has also dropped in the domestic market by Rs400 per tola. The All Pakistan Jewellers Manufacturers Association reported that after a decline of Rs400, the new price of gold is Rs 143,150. A block of 10-gram gold sold at Rs122,728 after a drop of Rs343.
On July 28, 2022, the gold touched an all-time high value of Rs162,500.