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Rupee takes a hit against dollar in interbank market

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The rupee on Thursday took a hit against the dollar during the intraday trade in the interbank market amid further delay in the revival of the loan agreement with the International Monetary Fund (IMF).

The rupee depreciated by Rs3.18 against the dollar and closed at Rs282.30/dollar in the interbank market.

The rupee had closed 279.12 a day earlier. 

General Secretary Exchange Companies Association of Pakistan (ECAP) Zafar Paracha told Geo.tv that there was no major reason behind the depreciation as the market was currently seeing an upward trend.

However, he said that it could be based on the delay in signing a deal with the International Monetary Fund (IMF)

“People will remain in doubt until the government strikes the agreement and until it gets all the payments after approval,” Paracha said, adding that the market will remain reluctant till the agreement is secured.

Besides that, there was pressure from the IMF and foreign investors to weaken the local currency so that they can invest.

“They want to close dollar on a maximum rate and make the investments in PIDs or the government securities by 20-22%,” he added.

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The government is about to unleash another gasoline bomb on citizens beaten by inflation

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governmentThe price of petroleum products is anticipated to rise by the Federal Government starting on July 16. The price of gasoline is anticipated to rise by Rs7.67 per litre, the price of high-speed diesel by Rs3.72 per litre, and the price of kerosene by Rs2.73 per litre.

The people have informed me that a proposal to increase the petroleum levy has been created and is pending final clearance from Prime Minister Shehbaz Sharif.

After speaking with the premier, it is expected that the Ministry of Finance will declare the revised petroleum product prices tonight.

Petroleum product prices have recently surged due to rising global oil prices and Pakitsan’s adjustment of the petroleum levy in response to the International Monetary Fund’s (IMF) adamant demands, which forced the country to raise the petroleum development levy in the Finance Bill to Rs70 per litre.

Noteworthy is the fact that on July 1, the authorities also dropped a gasoline bomb.

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Positive Trend at PSX With a 1361-Point Gain for the KSE 100-Index

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In the first few hours of trading, the Pakistan Stock Exchange sees a bullish trend as the KSE 100-Index rises 1361 points, bringing the stock market to over 81,300 points.

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Significant surge in the price of gold in Pakistan

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On Friday, the price of gold in Pakistan continued to increase.

According to the All-Pakistan Gems and Jewellers Sarafa Association, the price of 24-karat gold per tola has risen by Rs2,200, reaching Rs249,000.

The price of 10-gram 24-karat gold increased by Rs1,886, reaching a total of Rs213,477. On Thursday, the cost of 10 grammes of 22-karat gold was Rs195,687.

The global gold market likewise had a rising trajectory. As per APGJSA, the worldwide rate was $2,404 per ounce, showing a decline of $24 during the course of the trading day.

The local market witnessed constant silver prices at Rs2,900 per tola.

Market observers attribute the increase in gold prices to other variables, such as volatility in the global market, currency exchange rates, and economic conditions. The ongoing surge in gold prices is likely to impact investment choices and consumer behaviour in the near future.

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