Interbank Update: Dollar Slips to 278.25 Rupees

APP

Islamabad: At the opening of today’s business (Wednesday), the US dollar weakened by 4 paise in the interbank market, trading at 278 rupees and 25 paisa.

This marks a decline from its previous closing rate of 278 rupees and 29 paisa.

Meanwhile, the Pakistan Stock Exchange initially saw a downward trend but later shifted to a mixed pattern.

The PSX 100 index increased by 40 points, reaching 70,523, compared to yesterday’s closing of 70,483 points.

Gold prices in Pakistan climbed on Tuesday, even as the precious metal slipped in global markets amid ongoing US political and economic uncertainty.

According to data released by the All-Pakistan Gems and Jewellers Sarafa Association (APGJSA), the price of 24-karat gold increased by Rs1,500 per tola, reaching Rs416,778 compared to Rs415,278 a day earlier. Similarly, the price per 10 grams rose by Rs1,286, settling at Rs357,319.

The rate of 22-karat gold was quoted at Rs327,554 per 10 grams, reflecting the continued uptrend in domestic bullion prices.

In contrast, silver prices slipped, with 24-karat silver falling by Rs20 per tola to Rs4,929, and by Rs17 per 10 grams to Rs4,225.

The day-on-day data from APGJSA shows that gold prices have increased by Rs32,778 per tola over the past month, Rs66,578 since the start of the fiscal year, and a significant Rs144,178 since January 2025 — highlighting gold’s persistent strength in the local market amid currency depreciation and global volatility.

Globally, spot gold traded near $3,953 an ounce, down $16.3 or 0.41% from the previous session. Analysts said gold briefly hit a record high earlier in the day as investors sought safe-haven assets amid a U.S. government shutdown and heightened speculation of a Federal Reserve rate cut later this month.

Traders say domestic prices are likely to remain elevated due to rupee weakness, inflationary pressures, and safe-haven demand, despite short-term corrections in the international market.

Post Views: 244