KARACHI – During Friday’s trading, the Pakistani rupee (PKR) underwent a slight devaluation against the US dollar.
In the interbank market, the US dollar demonstrated a 58-paisa increment, resulting in its appreciation against the Pakistani rupee. This uptick drove the dollar’s value to 295.50 rupees.
Consequently, the currency’s performance in the open market has come under scrutiny, where it recently breached the 300 rupees per dollar mark.
Conversely, Friday’s trading session witnessed a striking surge in the Pakistan Stock Exchange (PSX) at its opening, setting a bullish tone for the day.
Despite the recent fluctuations in the currency, the PSX is riding a pro-business wave, as evidenced by a remarkable 226-point upswing in the 100 index. This index, often regarded as an indicator of the economy’s condition, reached a significant milestone of 48,552 points.
The preceding day, the PKR experienced a slight decrease of 0.15% against the US dollar.
The day’s trading concluded with the currency settling at PKR 294.92 per USD, in comparison to the previous session’s closure at PKR 294.93 per USD.
Nevertheless, the overall trend indicates that the US dollar’s upward trajectory continues to impose pressure on the local currency.
During the trading day, the currency’s intraday high (bid) was noted at 295.25, while its low (ask) stood at 295.1.
In the open market, Exchange Companies quoted the buying rate for the dollar at 301 PKR and the selling rate at 304 PKR.
