16/10/2023
Today Dollar rate closed in interbank @276.83Rs. Govt. controlled decline trend is same i.e., almost 1~1.1 Rs per day. Availability of dollar is still having question mark in open market. Open market dollar rate is 277Rs.
The Dollar index in international market is trying to show stable trend and trading at 106.43$ but it would be temporary in my opinion. Dollar will come under pressure in upcoming days.
Today first good news came in Pakistan after several weeks which is the 40Rs Relief in petrol price. Although as per market condition and current Rupee-Dollar price formula, it’s still 40 Rs high but at least something good came from Govt. side to relief the common person.
As predicted, the gold price is becoming high due to recent emerging Middle East condition and trading @1919$. The intraday high was 1923$.
In Pakistan, you can witness high volatility in price of gold and trading at 207000 Rs Per tola. Due to multiple factors. In my opinion there is still room to get further gains till next week.
Due to developing Middle East tensions, the Oil Price in international market is also going high for security reasons. War premium returned to the oil market from Monday after the uncertain condition of Middle East.
WTI oil trading at 88.21$ and Brent oil trading at 91.26$ per barrel respectively (Which is 1.0% higher compared to Friday). I don’t think so that govt of Pakistan will be able to keep maintain the relief consistently for some more weeks due to current international situation.