Rupee slightly higher against US dollar in early trade, PSX gains 1,195 points
Likewise, the US dollar stood at Rs151.60 in the interbank market after a decrease of 32 paisa.
KARACHI (Dunya News) – The Pakistani rupee ticked higher by 50 paisa to 153.50 against the US dollar in the open market on Wednesday after four days of continuous devaluation.
Likewise, the US dollar stood at Rs151.60 in the interbank market after a decrease of 32 paisa.
An exchange dealer explained another factor ‘the demand from Pakistanis planning to spend their vacations abroad after Eid holidays and during school vacations.’ Moreover, some buying has also been witnessed from travelers flying out for performing Umrah.
The devaluation is observed days after the Prime Minister’s Adviser on Finance, Revenue and Economic Affairs Dr Abdul Hafeez Sheikh announced to have finalised a three-year bailout with the International Monetary Fund (IMF) for $6 billion.
Stocks recover more than 1,000 points
Pakistan Stock Exchange (PSX) benchmark KSE-100 index, in anticipation of a market support fund, gained 1,195 points on Wednesday to close at 34,637 points.
On May 17, Shaikh met stockbrokers in Karachi to listen to their complaints.
The brokers had asked the finance adviser to set up a market support fund reminiscent to that of 2008 to help rein in the continuous decline being seen on the trading floor.
Although brokers expressed hope that Shaikh had agreed to the idea of creating the fund, a PSX press release stated "it was also recommended that keeping in view the attractive valuations at the PSX a market support fund may be considered".
