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Dollar hits highest-ever rate in Pakistan, gold reacts

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Published 27 Jul, 2022 11:02am
<p>Image: Reuters File</p>

Image: Reuters File

The price of the US dollar has reached a record level in the history of Pakistan, by going up Rs3.08 in the interbank market Wednesday.

It was traded at the highest level of Rs236.

The price of gold has, meanwhile, gone up by Rs1,200 per tola in reaction to the surge in the rate of the dollar. All Sindh Sarafa Jewellers Association said that the price of 24 karats of pure gold settled at Rs1,49,500 per tola.

The association said the price of 10 grams of 24 karat gold also increased, by Rs1,029 to settle at Rs1,28,172.

In the international market, the price of yellow metal went down by $12 per ounce to settle at $1,718.

Pakistan’s economy has been under a strain for a while, with a cascade effect of inflation. On Tuesday, Minister for Power Khurram Dastgir announced that they were increasing the price of electricity by Rs3.50 per unit from July 26. And then in October, the tariff will be increased by ninety paisas per unit.

Traders have been reacting across Pakistan to the increase in prices. On Wednesday, an application was filed in the Sindh High Court against the sales tax on electricity cables. The court accepted the request to hear the petition. The traders have argued that small traders do not fall in the category that needs to pay sales tax.



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