Rupee recovers against USD as PSX crosses 57,000 points | The Express Tribune
KARACHI:
The Pakistan Stock Exchange (PSX) surpassed the 57,000 mark, reaching a new all-time high in early trading hours on Thursday, following the approval by the staff of the International Monetary Fund (IMF) of a loan tranche of 700 million dollars.
The successful completion of the IMF’s first national economic review also helped the Pakistani rupee as it made a significant recovery of over Rs2 to hit a one-week high of Rs286 against the US dollar on the interbank market.
The benchmark PSX KSE-100 index rose 493 points, hovering at a record high of 57,173 points before midday.
Read: Rupee at seven-week low against dollar
Commenting on the record stock market frenzy, PSX Managing Director Farrukh Khan said the timely completion of the IMF review played a pivotal role in pushing the market to a new high.
He added that the caretaker government has made tough economic decisions that support the ongoing rally at the PSX.
PSX has gained over 4,000 points in the last 10 days.
It increased by more than 34% in one year, following the first signs of economic recovery and the announcement of the date of the next general elections.
The rebound in the rupee-dollar exchange rate ended the downward trend observed in the previous 17 consecutive working days.
The currency closed at a seven-week low of Rs 288.14/$ on Wednesday, after losing around 4% or around Rs 11 in the last 17 business days.
