Rupee on recovery path, gains Rs1.79 against dollar in interbank trading

ISLAMABAD (APP) - Corrective measures taken by the government have started yielding results as the Pakistani rupee on Monday gained Rs1.79 against the US dollar in the interbank trading and closed at Rs301.16 against the previous day’s closing of 302.94.

However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market stood at Rs298.1 and Rs301 respectively.

The price of the Euro decreased by Rs 1.46 to close at Rs323.02 against the last day’s closing of Rs324.48. The Japanese Yen remained unchanged and stood at Rs2.05, whereas a decline of Rs1.33 was witnessed in the exchange rate of the British pound, which traded at Rs377.17 as compared to the last closing of Rs378.50.

The exchange rates of the Emirates dirham and the Saudi riyal decreased by 49 and 47 paisa to close at Rs81.99 and Rs80.29 respectively. To prevent smuggling and hoarding of dollars, the government launched a massive crackdown against the elements involved in dollar smuggling, hoarding and organized crime cartels, causing loss to the national economy.

Strict action is being taken after the identification of facilitators and patrons of government officials indulged in illegal economic activities.

Gold rates decrease by Rs2,600 to Rs.209,400 per tola

The per tola price of 24-karat gold decreased by Rs2,600 and was sold at Rs209,400 on Monday compared to its sale at Rs.212,000 on the previous day.

The price of 10 grams of 24 karat gold also decreased by Rs.2,229 to Rs.179,527 from Rs. 181,756 whereas the prices of 10 gram 22 karat gold went down to Rs.165,544 from Rs. 166,610 the All Sindh Sarafa Jewellers Association reported. The price of per tola decreased by Rs.50 to Rs.2,500 whereas that of 10 grams silver went down by Rs.42.87 to Rs.2,143.34. The price of gold in the international market increased by $7 to $1,926 from $1,919.