PKR continues to gain against USD, PSX rises

The Pakistani rupee on Wednesday continued to gain against the USD, gaining by Rs2.14 and trading at Rs223.50 in the interbank market, ARY News reported. 

While in the open market the PKR is being sold at Rs225 to Rs227.

However, the KSE-100 index of the Pakistan Stock Exchange (PSX) gained 205 points and is trading at 41,555 points.

On Tuesday, according to the State Bank of Pakistan (SBP), the local currency closed at Rs226.5 after appreciating Rs1.67 or 0.73% from Monday’s close of Rs227.29.

Meanwhile, the Forex Association of Pakistan (FAP) noted that the greenback was being traded between Rs224 to Rs226 in the open market.

The Pakistani rupee has been recovering for the seventh consecutive session after falling close to an all-time low of Rs239.94 on Sept 22. The local unit gained 11.2 rupees or 4.9% against the dollar in the interbank market last week.

A day earlier, the PKR extended its gains against the dollar for the seventh consecutive session. The local currency closed at Rs227.29, up Rs1.16 or 0.51% from last Friday’s close of Rs228.45.

Also Read: Gold shines in Pakistan as dollar dips

 

It is pertinent to mention here that newly sworn-in Finance Minister Ishaq Dar had said strengthening of Pakistani rupee value would be his top priority and no one would be allowed to do manipulation the exchange rate.