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Pakistan Stock Exchange crosses 71000 barrier after 358-point rally

01:10 PM | 16 Apr, 2024
Pakistan Stock Exchange crosses 71000 barrier after 358-point rally
Source: File Photo

KARACHI – Pakistan Stock Exchange (PSX) saw rally of more than 350 points in the flagship KSR-100 index that crossed 71,000 points.

The positive sentiment in the money market comes a day after Saudi Arabia’s foreign minister landed in an Asian nation with investment deals worth billions.

The stock market has been on the rise following Pakistan's agreement with the International Monetary Fund to unlock the final installment of a stand-by agreement.

Islamabad and IMF reached staff-level agreement on the second and final review of 9-month, $3 billion Stand-By Arrangement. This agreement, if approved by the IMF's board, will release approximately $1.1 billion to Pakistan.

Both sides also discussed negotiating a longer-term bailout and continuing necessary policy reforms to address deficits, build reserves, and manage increasing debt servicing costs.

Pakistan's new government, led by Prime Minister Shehbaz Sharif, has also committed to moving forward with a long-delayed privatization process of state-owned enterprises that have been draining critical funds from the government.

Daily Pakistan Global Web Desk

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Currency Rates in Pakistan Today - Pak Rupee to US Dollar, Euro, Dirham, Riyal 22 May 2024

 Pakistani currency rates against US Dollar and other currencies on May 22, 2024 (Wednesday) in open market.

USD to PKR rate today

US dollar was being quoted at 277.15 for buying and 280.05 for selling.

Euro moved down to 297 for buying and 300 for selling while British Pound rate is 349 for buying, and 352.5 for selling.

UAE Dirham AED was at 75.25 and Saudi Riyal came down to 73.50.

Today’s currency exchange rates in Pakistan - 22 May 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 277.15 277.15
Euro EUR 297 300
UK Pound Sterling GBP 349 352.5
U.A.E Dirham AED 75.2 75.95
Saudi Riyal SAR 73.45 74.2
Australian Dollar AUD 183 184.8
Bahrain Dinar BHD 740.34 748.34
Canadian Dollar CAD 203 205
China Yuan CNY 38.51 38.91
Danish Krone DKK 40.52 40.92
Hong Kong Dollar HKD 35.7 36.05
Indian Rupee INR 3.34 3.45
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 903.3 912.3
Malaysian Ringgit MYR 59.34 59.94
New Zealand Dollar NZD 170.11 172.11
Norwegians Krone NOK 25.92 26.22
Omani Riyal OMR 723.13 731.13
Qatari Riyal QAR 76.42 77.12
Singapore Dollar SGD 203 205
Swedish Korona SEK 25.98 26.28
Swiss Franc CHF 305.97 308.47
Thai Bhat THB 7.67 7.82

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