Dollar trades at 150 as rupee gains 90 paisa
Pakistan remains a net oil importing country and oil remains its largest import commodity.
KARACHI (Dunya News) – The Pakistani rupee (PKR) has regained 90 paisa in its value against the US dollar, bouncing back from State Bank of Pakistan’s (SBP) rate on Friday of Rs150.90 to Rs150.00 in the interbank market on Monday.
Last week, Pakistani currency recovered after reaching the peak at Rs154 before falling back to Rs151.50 in the open market.
It also hit Rs151.95, and later closed at Rs150.91 against the US dollar in the inter-bank market on Friday.
Earlier, the central bank had let the rupee depreciate 7.5% to an all-time low of 151.95 against the greenback in a latest round of depreciation from May 16 to 20.
PSX gains 115 points
On the other hand, the KSE-100 index of the Pakistan Stock Exchange (PSX) rose 115 points, and reached 35,819 level on Monday amid increasing developments on the economic and political front.
According to analysts, rupee could further gain stability and foreign investors may also get confident if the federal government is persistent over its economic policies.
Investors have been rushing for the anticipatory buying before the launch of proposed government guaranteed market support fund.
Overall, the market seemed to have taken a positive turn, amid volatile trading, in anticipation of creation of the support fund, which was likely to get the go-ahead next week.
The development triggered positive response from market participants, who were also encouraged by the rupee’s stability against the US dollar.
As uncertainty of the past few days evaporated, investors resumed buying with renewed vigour. The index shot up as soon as trading began following announcement that the delayed $3.2-billion Saudi oil and gas deferred payment facility would be operational from July this year.
Pakistan remains a net oil importing country and oil remains its largest import commodity.
