Karachi: Gold kep losing its strength in Pakistan on Thursday as the yellow metal price plunged Rs3,400 per tola to settle at Rs144,900 per tola in the local bullion markets.

Per the statistics of the Sindh Sarafa Bazaar Jewellers Association, the price of 10 grams of gold also dropped by Rs2,915 to settle at Rs124,228 per 10 grams.

In international market, the yellow metal increased by $3 to $1712 per ounce.

Karachi: The Pakistani rupee continued its agressive tone against the US dollar, gaining another Rs2 in the interbank market on Thursday.

Per the State Bank of Pakistan, the local currency closed at Rs221.94 per dollar, an appreciation of 0.9 per cent from yesterday’s close of Rs223.94.

The rupee -- which had fallen close to an all-time low of Rs239.71 on Sept 22 -- has been recovering since then. It has gained Rs17.77 or 7.41pc in the last nine sessions.

Interbank closing #ExchangeRate for todayhttps://t.co/1ib7ME1SpC pic.twitter.com/TDo4CubrMp

— SBP (@StateBank_Pak) October 6, 2022

According to currency analysists, the joint probe of the SBP and finance ministry to identify and penalise the banks involved in earning exorbitant profits from their dollar sales had brought calm to the interbank market.

The central bank had initially identified eight banks in connection with exchange rate manipulation in the first phase. 

The appointment of Ishaq Dar as the finance minister is also forcing hoarders to dump their dollar holdings in the market to insulate themselves from further losses.  This has further improved dollar liquidity in the market.

The analysists further say the rupee recovered in the open market mainly because of a narrower trade deficit in September and the Asian Development Bank’s (ADB) announcement of around $2.3-2.5 billion in aid.

A consistent decline in imports and growing remittances are also contributing factors behind the strenthening of the local currency. 

Islamabad: Finance Minister Ishaq Dar has said the real value of the US dollar is below Rs200 and that the greenback is losing its value without any stick action.

Talking to reporters, he said the dollar started declining against the local currency since he boarded the plane.  

"I am thankful to the currency market for bringing down the dollar in value," he said , adding the previous government had left the dollar unattended that caused devastation.

Dar said the currency market is now functioning well, adding Pakistan has received benefit of Rs2,600 billion in public debt because of weakening of dollar.

The minister urged the exporters to increase exports with more than 12 per cent ratio.