Business
Rupee depreciates against US dollar
Open market is selling dollars for more than Rs287.
Karachi: The Pakistani rupee continued depreciates against US dollar in the interbank market on Wednesday, according to State Bank of Pakistan (SBP) data.
The US dollar's interbank market closing price was Rs 283.80 as opposed to Rs 283.04 from yesterday.
In the meantime, the open market is selling dollars for more than Rs287. Since the IMF lending program was approved last week, the Pakistani rupee has increased by more than Rs10.
The first installment of $1.2 billion for the SBA program from the International Monetary Fund was given to Pakistan on Thursday.
Earlier, the price of gold in Pakistan experienced a surge following the upward trend in the international market.
According to All-Pakistan Sarafa Gems and Jewellers Association (APSGJA), the price of gold (24 carats) increased by Rs5,400 per tola and Rs4,630 per 10 grams to settle at Rs226,400 and Rs194,102 respectively.
In today's international market, the price of the yellow gold increased $6 to end at $1,973 per ounce.
Recently, Pakistan's gold price has fluctuated due to ongoing political and economic unrest, as well as excessive inflation.