Rupee appreciates against US dollar on second consecutive day
22 November, 2024 18:19
The US dollar experienced a minor decline in the interbank market on Friday, dropping by 16 paisas to settle at Rs277.80.
This follows Thursday’s closing rate of Rs277.96, indicating a slight strengthening of the Pakistani rupee.
Market analysts suggest that the drop is attributed to increased inflows of foreign currency and reduced demand.
Traders are closely monitoring the market for potential fluctuations, which may be influenced by upcoming economic developments.
Gold prices have experienced a significant surge in both local and international markets.
The price of gold per tola has saw an increase of Rs 2,500, as it is being retailed at Rs280,500, while the price of 10 grams of gold has increased by Rs 2,143. It is being retailed at Rs240,483 in the local market.
In the international market, the precious metal per ounce rose by $25, reaching a new high of $2,693.
The rise in gold prices reflects global market trends, which have contributed to the increased demand for the precious metal.
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