On Monday, the Pakistani rupee slipped by 0.07%, or Rs0.19, to Rs286.64 against the US dollar in the inter-bank market, breaking its two-day winning spree. Market speculations attribute the rupee’s dip to the rising imports, fueling the high demand for the dollar for purchases from overseas markets.
State Bank of Pakistan (SBP) Governor, Jameel Ahmad, forecasted that the import growth would stay moderate in the current fiscal year 2023-24 due to an estimated modest economic growth within the range of 2-3%. He emphasized that there were no import restrictions, and banks could offer funds for goods imports.
Gold Prices Follow a Global Trend, Decline
Ahmad highlighted that the rupee-dollar exchange rate was determined by market forces, reflecting the demand and supply of the dollar. “The market-determined exchange rate will continue to protect against external shocks and aid the accumulation of reserves,” he explained.
In the open market, the rupee stood firm at Rs291 against the dollar daily, according to the Exchange Companies Association of Pakistan (ECAP). Over the previous two working days, the rupee had appreciated by 0.72%, or Rs2.07, to Rs286.45 against the dollar in retail transactions.
Meanwhile, aligning with the global trend, the price of gold fell by Rs2,500 to Rs222,200 per tola (11.66 grams). In the international market, the value of the precious metal dropped $16 to $1,959 per ounce (31.10 grams).
