After days of losing streak, the Pakistani rupee on Monday gained against the United States dollar in the interbank, giving a positive signal about the stabilisation of the exchange rate. According to foreign currency dealers, the US dollar is trading at Rs183.20 after depreciating Rs1.83 against the local currency in early trade.
In the open market, the dollar was trading at over Rs185. The Pakistani rupee had closed at Rs184.68 against the dollar in the interbank market on the last working day after gaining Rs3.50 against the greenback.
On the other hand, the Pakistan Stock Exchange continued to rally after KSE-100 index witnessed an increase of 1450 points on Monday morning as country elected a new prime minister with Opposition candidate Shehbaz Sharif having a clear majority in the National Assembly. The KSE-100 index crossed the 45,000 mark and traded at 45,894 points at the beginning of the day. The PSX began the trading with 1300 points up.
The benchmark KSE-100 index of the Pakistan Stock Exchange on Friday reversed its bearish trend soon after its opening and surpassed 44,000 mark, a day after the Supreme Court of Pakistan nullified the deputy speaker’s ruling against no-confidence motion.