PSX loses 202 points, USD surge halts as PKR gains 57 paisas

The KSE-100 index of the Pakistan Stock Exchange (PSX) lost 202 points while the USD surge halted in the interbank market as the PKR gained 57 paisas on Friday, ARY News reported. 

The Pakistan Stock Exchange (PSX) witnessed a bearish trend on the last financial day of the week and lost 202 points to settle at 40,074 points.

The market had shown some growth on Thursday by gaining 575 points after PTI backed Chaudhry Pervaiz Illahi took oath as Cheif Minister Punjab.

Meanwhile, according to SBP data, the PKR, after 15 days, managed to halt the USD surge and gained by a mere 57 paisa on Friday.

Interbank closing #ExchangeRate for todayhttps://t.co/7mgh1WaWW6 pic.twitter.com/YkprdgF19D

— SBP (@StateBank_Pak) July 29, 2022

The US dollar’s upward trajectory continued unabated on Thursday as the greenback traded at Rs239.94 against the rupee as the government failed to pacify the importers over dollar inflow in the country.

Previously, the State Bank of Pakistan (SBP) attributed the 11-rupee change in the exchange rate in just two days to the “market-determined exchange rate system” under which the current account position, news stories, and domestic uncertainty contribute to the daily currency fluctuations.

Also Read: US dollar touches record high against rupee

 

In an apparent attempt to downplay the depreciation, the SBP said a “better measure” of the rupee’s strength is the real effective exchange rate, which takes into account the currencies in which Pakistan trades in inflation-adjusted terms.