The Pakistani Rupee strengthened in the interbank trading, gaining 26 paisa against the US Dollar and closing at Rs 281.93. The Euro increased by Rs 1.87, reaching Rs 313.47, while the exchange rates of Emirates Dirham and Saudi Riyal decreased. The Pakistan Stock Exchange also saw a positive trend with the KSE-100 index gaining over 1,000 points.
ISLAMABAD: The Pakistani Rupee on Thursday witnessed the 12th consecutive recovery session as it gained 26 paisa against the US Dollar in the interbank trading and closed at Rs 281.93 against the previous day’s closing of Rs 282.19, ARY New reported.
However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the Dollar in the open market stood at Rs 281.9 and Rs 284.4 respectively.
The price of the Euro increased by Rs 1.87 to close at Rs 313.47 against the last day’s closing of Rs 311.60, according to the State Bank of Pakistan (SBP).
Interbank closing #ExchangeRate for today https://t.co/eQ99deOfSL#SBPExchangeRate pic.twitter.com/l5N8iEiQNa
— SBP (@StateBank_Pak) December 28, 2023
The Japanese Yen went up by 03 paisa and closed at Rs 2, whereas an increase of Rs 2.14 was witnessed in the exchange rate of the British Pound, which traded at Rs 361.40 compared to the last closing of Rs 359.26.
The exchange rates of the Emirates Dirham and the Saudi Riyal decreased by 08 and 07 paisa to close at Rs 76.76 and Rs 75.17 respectively.
Earlier today, the Pakistan Stock Exchange (PSX) started the business activity with a positive trend, as the benchmark index major gained over 1,000 points during the intraday trade.
According to the PSX website, the benchmark index, the KSE-100 index, gained 1,271 points to cross 62,000 mark at 11:25 am. The index was trading at 62,135 points.
On Wednesday, the PSX closed in a green zone after witnessing a volatile session. The benchmark KSE-100 Index gained 1,692.65 points or 2.86% to settle at 60,863.62 at the closing of the market.
The KSE-100 index witnessed a positive session to close at 60,864 level, up 1,693 points DoD, the JS Global outline said in its technical outlook on Thursday. Volumes stood at 669 million shares versus 671 million shares traded previously.
The Pakistani Rupee (PKR) has been showing remarkable strength against the US dollar recently, with notable improvements in its exchange rate. This positive development has sparked discussions and analysis among economists and financial experts. Various factors, including improved economic indicators and stable monetary policies, have contributed to this encouraging trend. Businesses and consumers alike are closely monitoring this positive momentum, which holds significant implications for trade, investment, and overall economic stability. As the PKR continues to bolster its position against the US dollar, it is essential to approach this development with vigilant consideration and to stay informed on the evolving dynamics of the foreign exchange market.
Source: ARY NEWS
Keywords: PKR, US dollar, exchange rate, interbank trading, open market, Euro, Japanese Yen, British Pound, Emirates Dirham, Saudi Riyal, Pakistan Stock Exchange, PSX, KSE-100 index, trading, benchmark index, market closing.
Summary:
The Pakistani Rupee (PKR) strengthened against the US Dollar in interbank trading, closing at Rs 281.93. The Euro, Japanese Yen, and British Pound also experienced fluctuations. Additionally, the exchange rates of the Emirates Dirham and Saudi Riyal decreased. The Pakistan Stock Exchange (PSX) saw a positive trend, with the benchmark KSE-100 index gaining over 1,000 points during intraday trade and closing at 60,863.62. The market witnessed a volatile session but closed in the green zone, with the KSE-100 index gaining 1,693 points.
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