Rupee maintains winning streak against US dollar, closed at 213.90

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PSX loses 185 points

Amid the growing optimism about the revival of a suspended International Monetary Fund (IMF) bailout package later this month, the Pakistani rupee continued its winning streak against on Tuesday and closed at 213.90 in the interbank market. According to the data released by the State Bank of Pakistan (SBP), the local unit appreciated 0.09 or 0.04% against the greenback during the trading session.

Despite shrinking foreign exchange reserves, the rupee has continued to recover against the greenback as the supply of foreign currency increased consistently compared to its demand in the system.

Exporters are selling dollars in the market amid the rupee’s appreciation. Earlier, they withheld dollar supplies in anticipation of more depreciation of the local currency.

Meanwhile, the KSE 100-index of the Pakistan Stock Exchange (PSX) witnessed bearish trend on Tuesday, losing 185.34 points, a negative change of 0.42 percent, closing at 43,436.48 points against 43,621.82 points on the last working day.A total of 518,045,853 shares were traded during the day compared to the trade of 541,548,244 shares the previous day, whereas the price of shares stood at Rs.16.215 billion against Rs.16.836 billion on last trading day.

As many as 360 companies transacted shares in the stock market, 134 of them recorded gain and 208 sustained losses, whereas the share price of 18 companies remained unchanged.

 

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