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Sunday, March 03, 2024  
21 Shaban 1445  

PSX closes in green zone, rupee on the rise in interbank

Rupee gains 15 paisas against the dollar in interbank
File photo
File photo

The Pakistan Stock Exchange (PSX) recorded another bullish session on Tuesday as the KSE-100 Index gained 462.97 points at the closing of the market.

The benchmark Index gained 462.97 points or 0.74% to reach 62,956.02 levels at the closing of the market.

Similarly, the KSE-30 Index gained 174.80 points or 0.84% to 21,003.66 mark.

The investors’ sentiments improved after a staff-level agreement between Pakistan and the International Monetary Fund on the first review of a $3 billion bailout, analysts said.

The country will receive $700 million after approval from the Fund’s Executive Board.

However, Pakistan’s case was not on the list as the Executive Board of the IMF released its meeting schedule till December 14.

According to the sources, Pakistan’s case was not included in the schedule of the IMF Executive Board.

Meanwhile, the rupee also maintained its upward momentum against the dollar in the interbank foreign exchange market.

The US dollar depreciated by 15 paisas to reach Rs284.38 at the closing of the market, as against the closing of Rs284.53 the previous day.

In the open market, the buying of the dollar was recorded at Rs283.5 while it was quoted at 286.3 for selling at the time of filing the story.

In the international market, the greenback regained some ground on Tuesday and hovered near a one-week high against a basket of currencies, ahead of a flurry of employment data that could upend investor expectations for the outlook for interest rates, Reuters reported.

Analysts said the dollar’s nudge up was in part due to a reversal of its heavy selloff in recent weeks, which saw the dollar index falling some 3% in November, its steepest monthly decline in a year.

“I think it’s maybe just a little bit of a reassessment as to the U.S. dollar having fallen too far, and too fast,” said Sean Callow, a senior currency strategist at Westpac.

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US dollar rate

Rupee dollar rate

Karchi Stock exchange

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