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Pakistani rupee strengthens against US Dollar

KARACHI: The rupee strengthened against the US dollar at Rs121.45/121.65 in the inter-bank market on Friday compared with Thursday’s close of Rs121.6/121.8. With reference to the past week, rupee value is on the verge of continuous depreciation. However, Pakistani currency weakened further by 3.65% in its third round of rupee depreciation last week. Since December, the rupee has cumulatively shed close to 13% of its value after the central bank reportedly abstained from intervening in response to the pressure due to a…

KSE-100 plunge 680 points in Intra-day trading

KARACHI: The KSE-100 Index plunge 728 points in intra-day trading before making some recovery due to continuous depreciation of rupee. The benchmark index was on a steady decline throughout the day as stocks faced across-the-board selling pressure. It is suspected that Pakistan name will be placed on grey list by the Financial Action Task Force (FATF) next week, for failure to restrain terrorism financing which has also made the investors edgy. The main reason behind such situation is grave foreign selling, which is…