Rupee’s clawback against $US persists Stocks gain 191 points

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Following the positive sentiments due to the $13 billion funding assurance from friendly countries, the Pakistani rupee extended gains against the US dollar on Monday.

According to data released by the State Bank of Pakistan (SBP), the local currency closed at Rs221.66, following an appreciation of Rs0.26 or 0.12%, compared to Friday’s close of 221.92.

Currency dealers expect the currency to remain range-bound or appreciate slightly against the US dollar during the ongoing week as there is some resistance on the 221 level owing to the prevalence of the positive sentiment in the market supported by some good developments.

Meanwhile, the stock market opened the week in green owing to Finance Minister Ishaq Dar’s statement last week that Pakistan had secured about $13 billion in additional financial support from China and Saudi Arabia, analysts said.

The benchmark KSE-100 index started gaining immediately after trading opened, rising to an intraday high of 351.11 points, or 0.84 per cent, around 10am.

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