Rupee Gains Strength Against US Dollar In Interbank Trading
The Pakistani rupee has experienced an upward trend against the US dollar, with the local currency gaining value during the initial trading hours in the interbank market.
In intraday trading on the first day of the week, the rupee witnessed an increase of Rs0.67 and is currently being traded at 284.30.
In the previous week, the local currency showed improvement by appreciating Rs0.40, settling at 284.97 against the US dollar in the interbank market.
The rupee’s upward movement for the third consecutive week is attributed to the staff-level agreement (SLA) between Pakistan and the International Monetary Fund (IMF) on the first review of the $3 billion Stand-by Arrangement (SBA), which has positively influenced market sentiment.
Simultaneously, the Pakistan Stock Exchange (PSX) has recorded a significant rise of nearly 20 percent, representing the highest investment in over five years and indicating the country’s economic revival. The KSE-100 index surpassed the historic milestone of 62,000 points for the first time, gaining an additional 770 points and reaching 62,461 points.