Rupee recovery against US Dollar halts, PSX loses 148 points

The Pakistani rupee’s recovery against the US dollar halted on Wednesday as the PKR lost Rs0.09 in the interbank market. The KSE-100 index of the Pakistan Stock Exchange also lost 148 points, ARY News reported. 

According to the data issued by the State Bank of Pakistan (SBP), the Pakistan Rupee dropped by Rs0.09 in the interbank market and closed at Rs217.88 on Wednesday.

While in the open market, PKR was traded at Rs218-220, forex dealers told.

Moreover, the KSE-100 index of the Pakistan Stock Exchange (PSX) lost 148 points and closed at 41007 points.

The Pakistani rupee continued its rally against the US dollar for 13 consecutive sessions until today.

On Tuesday, the local currency closed at Rs217.79 per dollar. This equates to an appreciation of 0.08 per cent from Monday’s close of Rs217.97.

Last week, Prime Minister (PM) Shehbaz Sharif lauded the hard work of Finance Minister Ishaq Dar for a strengthening rupee against the US dollar.

Taking to Twitter, PM Shehbaz Sharif said it is the grace of Allah that the Pakistani rupee was the best-performing currency against the dollar in the world.

Also Read: India sells dollars as rupee hits record low

 

On his return to the country and being appointed as the Federal Minister For Finance and Revenue, Ishaq Dar claimed to bring the dollar exchange rate under Rs200.