Karachi (Newsman): In the interbank market, the Pakistani rupee saw a slight increase of 0.04% on Tuesday, continuing its upward trend against the US dollar. The rupee gained Re0.10 in value by the end of trading, reaching Rs277.87.
The State Bank of Pakistan (SBP) said that the rupee had increased by 0.03% on Monday, closing at Rs277.97, or Re0.08.
According to experts, Pakistan’s economic indicators are improving, with a notable drop in inflation and a reducing trade deficit, which raises hopes for the nation’s economic future.
As a result of these encouraging developments and a feeling of political stability, the value of the Pakistani rupee has recently increased in relation to the US dollar.
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Despite a brief impact from political turmoil in November, the currency has subsequently recovered, indicating increased trust in the government’s capacity to handle economic difficulties. Along with better trade and inflation indicators, this stability has driven the rupee’s rise.
International media reports that the yen’s recent recovery was supported by bets on rising domestic rates, while the dollar opened the week cautiously on Monday in what is expected to be a pivotal week for the possibility of US rate reduction.
In the meantime, gold prices in Pakistan rose on Tuesday following two straight drops, which was mirrored by an uptick in the global market.
The All-Pakistan Gems and Jewellers Sarafa Association (APGJSA) reports that the price of gold surged by Rs700 in a single day, reaching Rs275,200 per tola in the local market.
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In Pakistan, the price of gold dropped Rs1,700 per tola on Monday. According to APGJSA, gold prices increased around the world on Tuesday, rising to $2,640 an ounce, a gain of $7 during the day.
