Dollar snaps losing streak against rupee, climbs to Rs214.88

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PSX gains nearly 250 points

The US dollar finally snapped its 11-day losing streak against the Pakistani rupee on Wednesday and closed at 214.88, after a fresh appreciation of 0.46% in the interbank market.

According to the State Bank of Pakistan (SBP), the rupee depreciated by Rs0.98, or 0.46%, and fell to 214.88 against the greenback, down from 213.90 at the close of Tuesday’s trade.

Meanwhile, the bulls returned to the Pakistan Stock Exchange (PSX) on Wednesday and lifted the benchmark KSE-100 index by nearly 250 points.

Investors were observed cherry-picking stocks that had dropped to attractive valuations during the bearish spell at the bourse last week.

Encouraged by the positive cues regarding the revival of the International Monetary Fund (IMF) programme investment was seen across the board at the bourse, which aided the rally. At close, the benchmark KSE-100 index closed at 43,676.56 points with an increase of 240.08 points or 0.55%.

 

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