USD exchange rate: Pakistani rupee shows slight appreciation against USD

The Euro (EUR) was being bought at Rs299.70 and selling at Rs302.65

The Pakistani Rupee showed a slight appreciation against the US Dollar on Friday, with the buying rate decreasing from Rs 276.15 to Rs 276.00 and the selling rate dropping from Rs 278.90 to Rs 278.75.

The British pound (GBP) traded at a buying price of Rs355.50 and a selling price of Rs359.05.

The euro (EUR) was available for buying at Rs299.70 and selling at Rs302.65.

In the Middle Eastern currency market, the Saudi riyal (SAR) was priced at Rs73.50 for buying and Rs74.20 for selling, while the UAE dirham (AED) traded at Rs75.25 for buying and Rs76.00 for selling.

The Australian dollar (AUD) was exchanged at Rs179.85 for buying and Rs182.50 for selling.

The Canadian dollar (CAD) was available at Rs197.00 for buying and Rs203.00 for selling.

Additionally, the Swiss franc (CHF) was traded at Rs317.50 for buying and Rs320.70 for selling.

The Omani rial (OMR) stood at Rs716.60 for buying and Rs723.75 for selling.

Meanwhile, the Bahraini dinar (BHD) was priced at Rs 730.70 for buying and Rs 738.00 for selling.

The Kuwaiti dinar (KWD) sat at Rs 897.00 for buying and Rs 906.00 for selling, indicating their high value and ongoing demand in the market.

Meanwhile, The price of gold in local markets has experienced a significant decline, following a drop in international gold prices.

On Friday, the price of 24-carat gold per tola fell by Rs2,500, bringing it down to Rs284,700.

This decrease in local prices is attributed to a decline in the international bullion market, where the price of gold per ounce fell by $25, reaching $2,752.

Consequently, the price of gold per ten grams also decreased by Rs2,144, settling at Rs244,084.

In addition to gold, silver prices in the local market also saw a decrease.

The price of silver per tola dropped by Rs20, now standing at Rs3,430, while the price for ten grams of silver decreased by Rs17.14, reaching Rs 2,940.67.

On the other hand, Pakistan missed three out of five key fiscal targets set by the IMF for the first quarter of fiscal year 2025, as per the Ministry of Finance's report.

The primary missed targets were a provincial cash surplus goal of Rs342 billion, a Rs10 billion collection from traders, and a tax revenue target of Rs2.652 trillion.

Despite these setbacks, the federal government achieved a significant primary budget surplus of Rs198 billion, boosted largely by booking the annual central bank profit of Rs2.5 trillion in the first quarter.

However, Punjab's deficit of Rs160 billion significantly impacted the collective provincial surplus, leaving it at only Rs160 billion instead of the target.

Provinces saw increased revenue under the NFC award, with Rs1.6 trillion transferred from the federal government.

Notably, provincial tax collections exceeded the IMF's target of Rs184 billion, reaching Rs213 billion. The report also highlighted federal spending patterns: Rs1.3 trillion on interest payments, Rs410 billion on defense, and Rs262 billion collected through a petroleum levy.

The government’s challenges include falling short of tax targets, partly due to inaccurate assumptions on inflation, large-scale manufacturing, and imports.