Tag: Depreciation
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Gold surges to Rs147,250 per tola in local market
On Monday, gold prices in the local market rose by Rs1,450 per tola to a new all-time high, pushed up by the Pakistani currency’s continued depreciation against the US dollar. Despite no change in gold rates in the international market, gold rates in the local market increased to Rs147,250 per tola, according to data released…
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Gold prices in Pakistan hit historic high of Rs143,600 per tola
Gold prices in Pakistan continued to rise as the Pakistani currency fell deeper versus the US dollar, pushing the precious metal to a high of Rs143,600 per tola. The price of gold per tola increased by Rs1,950 per tola, as per the All Sindh Sarafa Jewellers Association (ASSJA). Moreover, the price per 10 gramme jumped…
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Govt bans import of ‘luxury items’ to fight economic crisis
For the first time in Pakistan, luxury or non-essential commodities have been completely banned in the country to help the nation emerge from its financial crisis. Minister of Information Marriyum Aurangzeb confirmed the economic strategy established by the federal government on Thursday. The Information Minister stated that this is an emergency situation and Pakistanis will…
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Pakistani Rupee drops to a new low of Rs195.74 against US dollar
In today’s interbank market, the Pakistani Rupee (PKR) plummeted to another historical low versus the US Dollar (USD). It fell 0.80 per cent against the US dollar, closing at Rs195.74 after losing Rs1.56 in the interbank market. During today’s open market session, the local currency fell to an intraday low of Rs197 versus the US…
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Crisis-hit Sri Lanka has enough petrol left for one day, PM warns
As the country suffers its greatest economic crisis in more than 70 years, Sri Lanka’s new Prime Minister (PM) declared that the country is headed to its last day of petrol stock. PM Ranil Wickremesinghe said the country urgently needed $75 million in foreign currency to pay for crucial imports in a televised address. In…
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Hyundai Sonata 2.5 will now cost Rs7.85 million
Like the majority of automakers in Pakistan, Hyundai Nishat has joined the price hike bandwagon by raising the price of its sedan offerings; the Elantra GLS, Sonata 2.0, and Sonata 2.5 variants, due to increased shipping costs and continuous depreciation of the local currency. The premium category sedan, Hyundai Sonata 2.0 witnessed an increase of…
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‘Stablecoin’ crashes, bitcoin set for a record losing run
Following the collapse of TerraUSD, a so-called stablecoin, resonated across markets, cryptocurrencies suffered significant losses on Friday, with bitcoin trapped below $30,000 and on track for a record losing streak. Concerns about high inflation and rising interest rates have prompted widespread dumping of hazardous investments, including crypto assets. However, sentiment is particularly shaky, as tokens…
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Pakistan’s foreign exchange reserves dropped by $115 million
Pakistan’s liquid foreign reserves were depleted by $115 million in the week ending April 30, 2022, a 0.7 per cent drop from the previous week. According to the SBP weekly report unveiled on Friday, Pakistan’s total liquid foreign exchange reserves declined by $115 million (-0.7 per cent) to $16.553 billion on April 30, 2022, from…
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Turkey: Food prices surged by 89 per cent, transportation costs increased by 106 per cent
Turkey’s inflation rate skyrocketed to almost 70 per cent last month, creating a substantial challenge for President Recep Tayyip Erdogan, whose unusual economic strategies are frequently blamed for the country’s economic woes. Erdogan, defying economic conventional wisdom, insists that major interest rate cuts are essential to reduce spiralling consumer costs. Turkey’s consumer price index (CPI)…
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Pakistani rupee plunges by Rs1.05 against the US dollar
In today’s interbank session, the Pakistani rupee (PKR) fell by Rs1.05 versus the US dollar (USD), concluding at Rs186.97 per US Dollar, compared to Rs185.92 per USD on April 20. The rupee had a tumultuous market session, with an intraday high of Rs187.10 and a lowest of Rs186.25. This depreciation of PKR is attributed to the…