Rupee improves after trending downward for 2 days
The rupee returned to increasing gains against the dollar in the interbank market by Rs2.09 after losing ground against the dollar on Wednesday.
Following an administrative crackdown on the black market for currencies, the rupee enjoyed increases of up to 6 percent for the majority of September. As a result, it ended up being the currency with the best performance for the month. By October 17, the gains had reversed direction.
Analysts explained the trend reversal by pointing to increased demand for the dollar in the banking industry due to impending international payments.
The dollar was worth Rs278.20 versus the rupee at 10:07am on Thursday, down from its previous close of Rs280.29, according to the Forex Association of Pakistan.
The Pakistan Stock Exchange KSE-100 Index, meanwhile, made gains of 584.94, or 1.18 percent, from the previous closing of 49,431.47 points before trading in the green before the afternoon. The index reached 50,000 at 2:17 p.m.
Due to geopolitical unrest in the Middle East and the weakening of the rupee versus the dollar, the PSX index experienced a decline on Wednesday.
Stocks like K-Electric Limited, Pakistan Refinery Limited, Air Link Communication Limited, World Call Telecom Limited, Sui Northern Gas Pipelines Limited, and Pakistan Petroleum Limited all saw significant action.
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