Dollar climbs to Rs153.50 in open market, PSX gains 465 points
The stock market witnessed an increase of 465 points to settle around 35,403
KARACHI (Dunya News) –The rupee weakened against the US dollar by Rs1.50 and touched Rs153.50 in the open market as the KSE-100 Index closed today (Thursday) at 35403 points as compared to 34937.93 points on the last working day with a positive change of 465 points.
In the inter-bank market, the dollar gained Rs1.33 and was traded at Rs152.90.
The greenback’s was valued at Rs151.57 yesterday, but climbed roughly Rs1.43 to hit a historical peak today, with speculation rife in the forex market that the rupee may slide further by the end of the month.
The rupee has been enduring a volatile trading session, as yesterday it was traded and closed at Rs151.57 per USD, after gaining 10 paisa.
The rupee had recovered significant ground against the greenback over the past three weeks, particularly in the last 10 days of Ramazan, on increased inflow of dollars.
The inflow increased on account of remittances sent home by overseas Pakistanis and foreign currencies brought home by expats who came to celebrate Eid with their relatives.
Currency dealers are anticipating that the financial year end, coupled with rumors about a higher future value of the dollar, are responsible for the current situation.
In the month of June, the rupee has been devalued by Rs4.78, which in turn has raised Pakistan’s external debt by Rs470 billion.
After receiving a battering before the release of the Economic Survey 2018-19 and presentation of the federal budget, the Pakistan Stock Exchange (PSX) benchmark KSE 100-share Index recordedhit 35,312 points while gaining 374 points at the early session on Thursday.
PSX gains 465 points
On the other hand, the stock market witnessed an increase of 465 points to settle around 35,403 levels as the benchmark KSE 100-share Index on Tuesday retreated towards finishing trading on a positive note.
