KARACHI: The US dollar kept fluctuating in value both in the interbank and open market and at times was traded for Rs158 on Friday, with the greenback registering a 5.7 per cent appreciation in the last 11 days.
The rupee’s devaluation against the dollar coupled with an increase in gold prices in the international market pushed up the metal’s prices in the local market, with a tola selling for an all-time high price of Rs75,900 and 10 grams for Rs65,072.
A banker said the dollar kept fluctuating in value throughout the day, from Rs156 to Rs158. However, another banker said the greenback closed at Rs157.
Meanwhile, with every ounce of gold fetching $18 more than before in the international market and the value of dollar increasing in Pakistan, the per tola price of the metal jumped by Rs2,700 in the local market.
A spokesman for the All Sindh Saraf Jewellers Association said this was the highest increase in gold prices so far in a single day.'
Published in Dawn, June 15th, 2019