Rupee further strengthens against dollar
The SBP further reported that in interbank the price of Euro decreased by Rs1.22
KARACHI (Dunya News) – The rupee registered gains against the US dollar in the interbank and open markets on Wednesday, as the Pakistani currency slowly recovered after hitting record lows against the greenback.
The US dollar was down 58 paisas to close the day at Rs149.64 in the interbank market. In the open market, the greenback shed Rs1 was being traded at Rs150 by the close of the day.
The SBP further reported that in interbank the price of Euro decreased by Rs1.22 after which it was traded at Rs166.92 against Rs168.14 of last day.
On the other hand, Pakistan Stock Exchange (PSX) witnessed a bullish trend as KSE 100 index bounced by 1,010 points (2.89%) to close at 35,959 points.
A total of 151,479,000 shares were traded, whereas the value of shares traded during the day stood at Rs7.2 billion.
Out of 322 companies, share prices of 232 companies recorded increase while 73 companies registered decrease whereas 17 companies remained stable in today’s trading.
The sliding rupee had caused alarm in Pakistan, which is already facing inflation likely to average over 7% for the year and surging costs for fuel and power—both heavily influenced by the dollar exchange rate.
