PSX loses 67 points, closing at 42,458 points
The rupee finally snapped its losing streak against the dollar on Wednesday, gaining 80 paisa in the interbank market a day after the government secured the much-anticipated deal with the International Monetary Fund (IMF).
According to the Forex Association of Pakistan (FAP), the rupee appreciated Rs3.80 to Rs208 against the dollar on Wednesday at 2:50pm from Tuesday’s close of Rs211.80. By closing time on Wednesday, the greenback was being traded at Rs211, appreciating by 80 paisa.
The development comes after weeks of persistent declines in the rupee’s value, which has been largely attributed to the country’s rising import bill and depleting foreign exchange reserves. On Tuesday, the greenback was at an all-time high, appreciating by a sharp Rs2 and had been on a bull run against the local currency for the eighth session in a row. Since April 11, when the PML-N coalition government took over, the dollar has gained over Rs30.
The KSE 100-index of the Pakistan Stock Exchange (PSX) on Wednesday lost 67.81 points, a slight negative change of 0.16 percent, closing at 42,458.14 points against 42,525.95 points on the last working day.
A total of 266,090,670 shares were traded during the day compared to the trade of 300,592,921 shares the previous day, whereas the price of shares stood at Rs 8.468 billion against Rs 9.471 billion on last trading day.
