US dollar surges by Rs1.90, closes at Rs279.80 against Pakistani rupee

According to the State Bank of Pakistan, the US dollar demonstrated further appreciation against the Pakistani rupee in the interbank market on Monday.

Interbank closing #ExchangeRate for today https://t.co/9NkXNq0O3o#SBPExchangeRate pic.twitter.com/sEONrzxoFM

— SBP (@StateBank_Pak) July 10, 2023

The American currency gained Rs1.90 against the local currency, closing at a rate of Rs279.80, compared to the previous day’s closing rate of Rs277.90.

Concurrently, in the open market, the dollar is being traded at Rs283. It is noteworthy that the Pakistani rupee had experienced a gain of Rs10.58 over the course of last week.

Anticipating future trends, Malik Bostan, the President of the Exchange Companies Association of Pakistan (ECAP), expressed his belief that the value of the dollar will continue to decrease in the upcoming days.

Furthermore, the price of gold in Pakistan also experienced a slight increase at the beginning of the week, corresponding to the devaluation of the rupee against the dollar.

As per the data released by the All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of 24-carat gold rose by Rs800 per tola and Rs686 per 10 grammes, reaching Rs209,000 and Rs179,184 respectively.