The Pakistani rupee (PKR) recorded a marginal improvement against the US dollar (USD) in the interbank market on Tuesday, while equities extended their upward march as strong buying lifted the benchmark stock index by more than 3,300 points.
According to central bank data, the rupee closed at Rs278.30 against the dollar, improving by 0.84 paisa from the previous session’s closing level of Rs278.31.
During the day’s trading, the local currency moved within a narrow range, touching an intraday high of Rs278.35 and a low of Rs278.30 against the greenback.
In the open market, exchange companies quoted the dollar at Rs278.60 for buying and Rs279.50 for selling.
The rupee also strengthened against most major international currencies. It gained 26 paisa against the euro to settle at Rs322.73 and improved by 40 paisa against the British pound, which closed at Rs373.36. The local unit advanced 76 paisa against the Swiss franc to Rs350.07.
Similarly, the rupee inched higher against regional currencies. It appreciated slightly against the Japanese yen to Rs1.7367, while also posting modest gains against the Chinese yuan, Saudi riyal and UAE dirham, which closed at Rs41.18, Rs74.16 and Rs75.77 respectively.
So far in the current fiscal year, the rupee has strengthened by Rs5.46 against the US dollar, reflecting a gain of nearly two percent. Since the start of the calendar year, it has improved by Rs1.82, equivalent to 0.65 percent.
Meanwhile, money market indicators showed a decline in short-term rates. The benchmark six-month Karachi Interbank Bid and Offer rates fell by 17 basis points to 11.94 percent and 12.19 percent, respectively.
PSX closes above 180,000 points
The Pakistan Stock Exchange maintained its bullish momentum on Tuesday, with investors returning aggressively to the market and pushing the benchmark KSE-100 Index above the 180,000-point mark.
Trading began on a volatile note, with the index slipping to an intraday low of 177,741.46 points. However, the decline proved short-lived as buying activity gathered pace across major sectors.
The benchmark index rebounded sharply during the session and climbed to an intraday high of 180,503.55 points. Positive sentiment remained intact through the second half of trading, supported by broad-based participation from investors.
By the close of business, the KSE-100 Index had settled at 180,392.97 points, registering a gain of 3,353.15 points, or 1.89 percent, from the previous session.
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