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PSX gains more than 500 points in intraday trading

11:00 AM | 3 May, 2024
PSX gains more than 500 points in intraday trading

KARACHI – After three consecutive sessions of lackluster performance, the bulls made a comeback on the Pakistan Stock Exchange (PSX), with shares rising more than 500 points in intraday trading.

The benchmark KSE-100 index increased by 505.63 points, or 0.72%, reaching 71,163.27 points at 10:44 a.m., up from the previous close of 70,657.64.

Yousuf M. Farooq, director of research at Chase Securities, attributed the bullish trend to the news of a Saudi delegation’s visit to the country. He also mentioned that the decrease in inflation rates has led to improved market sentiment after recent corrections.

Tahir Abbas, head of research at Arif Habib Limited, noted, “The market is gaining traction after a 3% correction over the past three days.” He added that investors were showing optimism about the new International Monetary Fund (IMF) program and the anticipated “investor-friendly budget.”

The US State Department on Friday reiterated its steadfast support for Pakistan’s efforts to bolster its economy, including its engagements with the International Monetary Fund (IMF).

The department’s spokesperson, Matthew Miller, emphasized this unwavering commitment during his daily news briefing in response to a journalist’s inquiry about the US stance on aiding Islamabad’s economic recovery.

Earlier data from the Pakistan Bureau of Statistics (PBS) showed that consumer price inflation in the country eased to 17.3% in April.

Daily Pakistan Global Web Desk

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Currency Rates in Pakistan - Pakistani Rupee to US Dollar, Euro, Dirham, Riyal 13 June 2024

Pakistani currency rates against US Dollar and other currencies on June 13, 2024 (Thursday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 277.6 for buying and 280.65 for selling.

Euro's buying rate stands at 296 and selling rate is 299 while British Pound rate is 350.5 for buying, and 353 for selling.

UAE Dirham AED was at 75 and Saudi Riyal at 75.9.

Source: Forex Association of Pakistan. (last update 08:00 AM)
Currency Symbol Buying Selling
US Dollar USD 277.6 280.65
Euro EUR 296 299
UK Pound Sterling GBP 350.5 353
U.A.E Dirham AED 75 75.9
Saudi Riyal SAR 73.1 73.85
Australian Dollar AUD 182 184
Bahrain Dinar BHD 740.88 748.88
Canadian Dollar CAD 204 206
China Yuan CNY 38.38 38.78
Danish Krone DKK 40.14 40.54
Hong Kong Dollar HKD 35.66 36.01
Indian Rupee INR 3.33 3.44
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 908.19 917.19
Malaysian Ringgit MYR 59.3 59.9
New Zealand Dollar NZD 170.79 172.79
Norwegians Krone NOK 25.97 26.27
Omani Riyal OMR 723.52 731.52
Qatari Riyal QAR 76.42 77.12
Singapore Dollar SGD 203.5 205.5
Swedish Korona SEK 26.4 26.7
Swiss Franc CHF 309.94 312.44
Thai Bhat THB 7.56 7.71

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