Pakistan Rupee & gold rates-17-Nov-2008

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Rupee gains on hopes of dollars’ inflow

Rising hopes for inflow of foreign exchange changed the exchange market sentiments and reduced speculations which strengthened the rupee significantly against the dollar on Monday.

The Saturday’s announcement on $7.6 billion IMF loan package for Pakistan supported the factors resisting the free fall of rupee and the local currency gained 35 to 40 paisas in the inter-bank market.

The dollar was traded at as low as Rs79.80 while it was at Rs80.20/25 on Saturday. This was a big slide of dollar which gained over 24 per cent since January 2008.

If the IMF board approves the agreement which is yet to be signed, Pakistan could get $4 billion in one year and that would fill the balance of payments gap.

The advisor to prime minister on finance had stated recently that the IMF loan would help Pakistan fill gaps (imbalances) of two years.

It was also announced that friends of Pakistan were ready to support, but they want endorsement of the IMF.

“The government’s announcement and IMF’s response largely impacted the market which cautiously moved in favour of rupee,” said Atif Ahmed, a currency dealer in the inter-bank market.

The currency dealers were cautious to predict about further recede of dollars against rupee, but said that the rupee may get more strength once dollars practically reach Pakistan and build the reserves.

“The speculative and panic elements will find it difficult to get place once reserves reach up to $12 billion and more,” said Atif.


 Daily Dawn, 18/11/2008


Spot rates for public per unit of currency

November 17, 2008

Countries            Selling              Buying           Buying

                            T.T & O.D       T.T Clean      O.D/T.Chq

U.S.A.                 80.4                  80.2                79.97

U.K.                    118.69              118.4              117.94

Euro                     101.12              100.87            100.48

Canada                65.14                64.98              64.81

Switzerland          67.11                66.95              66.77

Australia               51.98                51.85              51.72

Sweden                10.06                10.04              10.01

Japan                   0.826                0.8239            0.8217

Norway               11.53                11.5                11.47

Singapore             52.88                52.75              52.61

Denmark              13.58                13.55              13.51

Saudi Arabia        21.43                21.38              21.32

Hong Kong          10.37                10.35              10.32

China                   11.78                11.75              11.72

Kuwait                 296.44              295.7              294.92

Malaysia              22.37                22.31              22.25





Exchange Rates for Currency Notes

Countries                          Selling                  Buying

                                          Rs.                       Rs.

U.S.A                                81.2                      79.17

S.Arabia                            21.65                    21.11

U.K                                   119.88                  116.76

Japan                                 0.8342                  0.8135

Euro                                   102.13                  99.48

U.A.E                                22.11                    21.56

Source: -APP



Bullion rates in Rupees per 10 grams

on November 15, 2008


Gold Tezabi (24-ct)                                      Rs 19,885

Silver Tezabi (24-ct)                                     Rs 295.90


Gold Tezabi (24-ct)                                      Rs 19,847

Gold (22-ct)                                                 Rs 18,193

Gold (21-ct)                                                 Rs 17,366

Silver Tezabi (24-ct)                                     Rs 291.50

Silver Thobi (bar)                                         Rs 282.90


Gold Tezabi (24-ct)                                      Rs 19,810

Gold Tezabi (22-ct)                                      Rs 18,110

Silver Tezabi                                                Rs 344.00

Silver Thobi                                                  Rs 342.00

Note: (Bullion rates from Hyderabad not received). —APP

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