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Rupee’s winning streak continues, gold loses ground

Rupee gains Rs3.38 in inter-bank market
Published 12 Aug, 2022 11:40am
<p>AFP/File</p>

AFP/File

The rupee’s winning streak against the dollar continued on Friday, as it gained Rs3.38 in the inter-bank market. The greenback was being traded at Rs215.50 in the early morning trade.

This is the ninth successive session in which the value of the rupee has improved after touching a historic low of Rs239.94 against the dollar in the inter-bank market last month.

The rupee appreciated by 1.38% against the greenback on Thursday, the State Bank of Pakistan said in a tweet. The rupee even hit the 217 level before losing some of its intra-day gains by the end of the session.

The price of gold has, meanwhile, decreased by Rs1,400 per tola in reaction to the surge in the rate of the dollar. All Sindh Sarafa Jewellers Association said that the price of pure gold settled at Rs1,41,700 per tola. While the rate of 10-gram gold went down to Rs1,41,485 after losing Rs1,200 in value.

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