KARACHI: Continuous recovery in rupee’s strength has brought down the domestic price of one-tola and by Rs9,600, ARY News reported on Wednesday.
According to all Pakistan Jewellers Manufacturers Association, the price of gold plummeted by Rs9,600 per tola to settle at Rs144,400.
Similarly, the 10-gram rate also plunged by 8,230 to Rs124,056.
The gold hit an all-time high of Rs162,500 per tola on July 28.
Rupee makes highest single-day gain
The rupee on Wednesday made a massive comeback against the US dollar in the interbank and open market, a day after the IMF said that the country has fulfilled its last condition of raising the levy on fuel prices.
According to the SBP, the US dollar lost Rs9.58 today in the interbank against the rupee and traded at Rs228.80 while the banks are selling the greenback at Rs229.
In the open market, the US dollar traded at Rs225.50 after witnessing a reduction in value by Rs13.
The International Monetary Fund (IMF) on Tuesday confirmed that Pakistan has achieved all the set targets for the revival of the Extended Fund Facility (EFF) programme.
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