PKR gains Rs2.11 against dollar Stocks rise 671 points on rupee appreciation

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The rupee, which has been on an upward trend for more than a week now, continued strengthening against the dollar in the interbank market on Friday.

The local currency gained Rs2.11, or 0.94 per cent, against the dollar to close at Rs224.04.

The rupee had been on a consistent decline from July 15 and fallen to a record low of 239.94 on July 28. But since July 29, it has reversed gears and its value had risen by Rs14.15 till yesterday (Aug 4).

The biggest hike was seen on Wednesday (Aug 3), when the rupee appreciated by a record single-day gain of Rs9.59 or 4.19pc.

This major gain by the rupee has brought exchange rate stability as currency dealers feel that the fluctuations would not be as volatile as were witnessed in July when the greenback gained over 13pc in a single month against the local currency.

Meanwhile, the benchmark KSE-100 index gained 670.87 points, or 1.62 per cent, to close at 42,096.24 points, according to the Pakistan Stock Exchange (PSX) website.

 

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