Dollar dips to Rs158.6 in interbank market
Last updated on: 02 July,2019 08:07 pm
In the open market, the greenback was traded at Rs159 after decreasing of Rs2.75 against the rupee.
KARACHI (Dunya News) – Rupee registered slight gains against the US dollar in the interbank market on Tuesday, as the price of dollar decreased by Rs2 to close at Rs158.6.
In the open market, the greenback was traded at Rs159 after decreasing of Rs2.75 against the rupee.
Dollar hit record high of Rs164 in the interbank market last week. Within just a week, the greenback spiked to new tops with a massive increase of Rs8.
On Friday, the rupee registered slight gains against the US dollar in the interbank market, as the price of dollar decreased by Rs4 to close at Rs160.05 at the end of the business week. The rupee has regained its value by Rs5.30 from its historical low.
According to economic experts, the investors were worried after rupee devalued in the last week; however, after passing of the budget and a slight recovery of the greenback has provided a much-needed relief.
On Thursday, the value of the US dollar against the rupee touched another historical high as the greenback hit Rs162.16 in the interbank market after rupee devalued by Rs5.18 from a day earlier. In the open market, the greenback was being traded at Rs162 after gaining an increase of Rs4.8 against the rupee.
The significant hike in the value of the US dollar had raised fears that prices of essential commodities, particularly imported products, would follow the similar trend.
According to experts, the government must ensure implementations on economic policies after the deal with the International Monetary Fund (IMF). It is anticipated that the US dollar rate would fluctuate for some time, and the value of the Pakistani rupee would stabilise after proper implementation of the economic policies.
PSX gains 310.78 points
On the other hand, the stock market witnessed an increase of 310.78 points to settle around 34,307 levels as the benchmark KSE 100-share Index on Tuesday retreated towards finishing trading on a positive note.
The total turnover was 91,162,130 as compared to 48,046,080 on the last working day with K-Electric Ltd having the highest turnover of 13,561,500.
Total 307 companies’ transacted shares in the Stock Market today (Tuesday), out of which 206 recorded gains and 77 sustained losses whereas the share price of 24 companies remained unchanged.
Sapphire Fiber recorded the maximum increase in its share price, which was 43.10 rupees while Nestle Pakistan recorded maximum decrease of 249.00 rupees.