Dollar continues upward march, closes above Rs208
The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index closed 410.60 points in the green on Friday, largely buoyed by expectations of Pakistan’s removal from the Financial Action Task Force’s (FATF) grey list.
According to the PSX website, the index gained as much as 690.48 points against the previous day’s close of 41,730.16 to reach 42,420.64 around 3:07pm but closed at 410.60 points up, or 0.98 per cent.
“Stocks closed bullish in the first session after reports of Pakistan’s likely exit from [the FATF] grey listing on agreement over compliance on 27 action items in the FATF plenary meeting.
Pakistan has been on FATF’s increased monitoring list, or the grey list, since 2018 for deficiencies in its counter-terror financing and anti-money laundering regimes.
Meanwhile, the US dollar continued to extend gains on Friday as it closed above Rs208 in the interbank market by close — a trend analysts attributed to a delay in the deal with International Monetary Fund (IMF) and rapidly depleting foreign exchange reserves.
According to the Forex Association of Pakistan (FAP), the greenback appreciated by 85 paisa from yesterday’s close of Rs207.75 and rose to Rs208.60.
The currency had appreciated by Rs1.45 on Thursday.
The rupee has been consistently losing ground since the week began which has worried investors and is creating frustration among the stakeholders of the economy.
