Pakistani Rupee Extends Gains Against US Dollar as Gold Holds Record Levels. KARACHI: The Pakistani rupee strengthened once again on Tuesday, recording its 18th consecutive rise against the US dollar in the interbank market, while gold prices in the country remained stable after touching all-time highs.
Rupee’s 18-Day Winning Streak
According to data released by the State Bank of Pakistan (SBP), the local currency closed at 281.72 per dollar, appreciating by three paisa (0.01%) compared to Monday’s close of 281.75.
Since August 6, 2025, the rupee has collectively gained 95 paisa against the greenback, a trend analysts say reflects improved market sentiment and better supply-demand dynamics in the foreign exchange market.
Analysts at Ismail Iqbal Securities noted that while the rupee made modest day-to-day gains, its overall performance this year paints a mixed picture.
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On a day-on-day basis, PKR rose by 0.01%.
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In the calendar year to date, the rupee has weakened by 1.13%.
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In the fiscal year to date, it has appreciated by 0.73%.
This shows that while recent weeks have been positive, broader challenges remain for the local currency.
SBP Cancels Licence of Exchange Company
In a separate development, the SBP announced it had revoked the licence of Money Masters Currency Exchange Company with immediate effect.
The central bank cited serious violations of regulatory requirements as the reason behind its decision.
In its official statement, the SBP clarified:
“The exchange company, including its head office and branches, can no longer conduct any kind of foreign exchange-related business activity.”
The move is seen as part of SBP’s ongoing crackdown on irregularities in the currency exchange market.
Gold Prices Hold Firm in Pakistan
Meanwhile, domestic gold rates remained steady on Tuesday after hitting new highs earlier this week.
According to figures from the All Pakistan Sarafa Gems and Jewellers Association (APSGJA):
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Gold per tola held unchanged at Rs370,700.
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The price for 10 grams of gold also stayed flat at Rs317,815.
This stability came despite global gold prices continuing their upward march amid international market uncertainties.
Gold Surpasses $3,500 in International Market
Globally, gold surged past $3,500 per ounce for the first time, reaching as high as $3,514 during Tuesday’s session before settling near $3,480 (with a $20 premium applied in Pakistan).
Adnan Agar, Director at Interactive Commodities, said gold has firmly broken past its all-time highs.
He noted:
“Gold’s intraday low was $3,470, but the market remained strong with no signs of correction. With key US economic data, including employment figures, expected this week, gold may either consolidate at current levels or face a mild correction.”
Agar added that growing speculation of a US Federal Reserve interest rate cut has boosted investor appetite for safe-haven assets like gold, further strengthening its rally.
What This Means for Pakistan’s Economy
The rupee’s steady appreciation over the past 18 sessions provides some relief for Pakistan’s economy, which has struggled with inflation and external financing pressures. However, its year-to-date depreciation highlights that challenges remain.
At the same time, stable yet historically high gold prices suggest investors are turning to precious metals as a shield against uncertainty, both globally and locally. For Pakistanis, this means record-high gold prices could continue to impact demand in the jewelry sector while offering gains for those who already invested in the metal.
Conclusion
With the rupee showing resilience in the forex market and gold holding near record highs, Pakistan’s financial landscape reflects both optimism and caution. While tighter regulatory actions by the SBP aim to stabilize the currency market, international economic shifts — especially the possibility of a Federal Reserve rate cut — will continue to influence gold and foreign exchange trends in the weeks ahead.