Rupee rises 34 paisa to 149.30 vs USD in early trade, KSE-100 index gains 400 points
The value of the rupee dropped soon after Pakistan signed a three-year $6 billion bailout agreement.
KARACHI (Dunya News) – The rupee appreciated by 34 paisa to 149.30 against the US dollar in the interbank market in opening trade on Thursday, driven by a positive opening in domestic equities and weakening of the greenback in overseas markets.
On Monday, falling demand coupled with a surge in supply had pushed dollar’s price in the open market to Rs149.75 following another decrease of 25 paisa.
The value of the rupee dropped soon after Pakistan signed a three-year $6 billion bailout agreement with the International Monetary Fund (IMF).
According to currency dealers, due to the lowering price of the dollar in the interbank market, the value of the greenback remained stable in the open market.
Earlier on Tuesday, the US dollar had reached the Rs151 mark in the interbank market, with the rupee falling by Rs1.40. In the open market, the rupee had slid to Rs150 against the dollar, down Rs0.50 as compared to the previous day.
Past trends suggest the supply of dollars and other foreign currencies increase in the market in the last 10 days of Ramazan and this is the case at present.
KSE-100 index surges 400 points
The Pakistan stock market on Thursday advanced by gaining over 400 points in early hours of the trading session as the KSE-100 index surged and rose past the 36,400-point mark.
The Economic Coordination Committee (ECC) of the cabinet is all set on Thursday to approve stock market support funds worth around Rs15-20 billion to stabilise the Pakistan Stock Exchange (PSX).
The move will restore investors’ confidence and boost investment activities.
“The fund is under serious consideration and will be launched hopefully by next week or within 10 days,” quoted SECP Chairman Farrukh Sabzwari, according to Bloomberg.
Adviser to Prime Minister on Finance Dr Abdul Hafeez Shaikh will preside over the meeting of the ECC in Islamabad today.
