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PSX sets new record in historic rally, crossing 60,000 mark amid bullish streak

10:32 AM | 28 Nov, 2023
psx
Source: File Photo

KARACHI – Pakistan Stock Exchange (PSX) advanced its positive trajectory on Tuesday, as the benchmark KSE-100 Index crossed 60,000 points level for the first time in history.

The bullish trend gains traction in stock market as traders cashed in on the index rising by 405 points. In early hours of trading, the benchmark KSE-100 index was at 60,460 points following addition of over 600 points. On Monday, KSE-100 Index was closed at 59,811. 

In last four weeks, the KSE-100 index soared by more than 8,000 points.

The market rallied positively today and the gains are being attributed to successful first review with the International Monetary Fund (IMF).

Experts also linked the bullish trend with anticipation of rate cut, given the expected slowdown in inflation over the next few months. Furthermore, clarity on upcoming elections was also contributing to this trend.

The incumbent caretaker setup has also taken stern measures which are \supporting the ongoing rally, Pakistani currency however continues to remain under pressure in wake of import payments.

Daily Pakistan Global Web Desk

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Rupee exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 28 Feb 2024

Pakistani currency remains momentum against US dollar in the open market on February 28, 2024 (Wednesday).

US Dollar rate in Pakistan

In the open market, the US dollar moves up and currently hovers at 282 for buying and 282.25 for selling.

Euro currently stands at 303.1 for buying and 306.1 for selling while British Pound rate stands at 351.6 for buying, and 355.1 for selling.

UAE Dirham AED hovers at 76.1 whereas the Saudi Riyal saw slight increase, with new rates at 74.25.

Today’s currency exchange rates in Pakistan - 28 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 282 282.25
Euro EUR 303.1 306.1
UK Pound Sterling GBP 351.6 355.1
U.A.E Dirham AED 76.1 76.8
Saudi Riyal SAR 74.25 75.05
Australian Dollar AUD 181.1 183.1
Bahrain Dinar BHD 742.91 750.91
Canadian Dollar CAD 207.1 209.1
China Yuan CNY 38.87 39.27
Danish Krone DKK 40.61 41
Hong Kong Dollar HKD 35.75 36.1
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 905.46 914.46
Malaysian Ringgit MYR 58.5 59.1
New Zealand Dollar NZD 173.05 175.05
Norwegians Krone NOK 26.41 26.71
Omani Riyal OMR 725.54 733.54
Qatari Riyal QAR 76.74 77.44
Singapore Dollar SGD 207.15 209.15
Swedish Korona SEK 27.04 27.34
Swiss Franc CHF 317 319.5
Thai Bhat THB 7.76 7.91

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