Rupee closes at 213.98 against dollar
Stocks at the Pakistan Stock Exchange rallied Monday following news of Saudi Arabia’s plans to renew the $3 billion deposit with Pakistan and the hopes of the International Monetary Fund programme’s revival.
The market staged a rally, adding over 700 points to the benchmark KSE-100 index. It extended the bull run from the previous week and tossed the index above 43,000 points.
Bulls were seen dominating the market throughout the day, as the development IMF programme and rupee appreciation bolstered investor interest.
Earlier, trading kicked off with a rally as investors cherry-picked stocks at attractive valuations. At close, the benchmark KSE-100 index closed at 43,621.82 points with an increase of 764.25 points or 1.78%.
Meanwhile, the Pakistani Rupee on Monday continued its winning streak in the interbank against the US dollar. According to the State Bank of Pakistan, the local currency closed at Rs213.98 per dollar, up Rs1.51 or 0.71 per cent.
On Friday, the rupee appreciated by Rs3.39 or 1.57% against the dollar to close at RS215.49.