US dollar edges higher against Pakistani rupee

KARACHI: The US dollar witnessed a marginal gain against the Pakistani rupee in the interbank market, closing slightly higher on the second business day, according to the State Bank of Pakistan.

The dollar increased by five paise, settling at Rs278.38 from an opening of Rs278.33.

At the onset of today’s trading session, the dollar rose by 17 paise, quoted at Rs278.50. Notably, the dollar had seen a minor decline at yesterday’s opening but reversed its losses by the close of the day.

Meanwhile, gold prices fell sharply for the second day in both global and local markets.

The Sarafa Market Association reported that the price for 24-karat gold per tola dropped by Rs7,800, bringing the cost to Rs240,900 per tola and Rs206,533 per 10 grams, a decrease of Rs6,687.

Internationally, gold prices plummeted by 72 US dollars per ounce, landing at 2,309 US dollars.

In Pakistan, silver followed suit with a reduction of Rs100 per tola to Rs2,650, and a Rs75.74 decrease per 10 grams to Rs2,371.94.

In the equities market, the Pakistan Stock Exchange opened on a positive note, with the benchmark 100 Index climbing 316 points to close at 71,750 points, up from the previous day’s close of 71,434 points.