KSE-100 index gains 397 points in the opening session on Tues
As of today, the USD to PKR interbank rate is 278.85, with the Pakistani rupee buying at 278.35 and selling at 278.85 . This indicates a positive trend for the Pakistani currency in the interbank market.
The Pakistani rupee (PKR) appreciated against the US dollar (USD) in interbank trading, with the exchange rate decreasing by 10 paisas to Rs278.10. Meanwhile, the Karachi Stock Exchange (KSE-100) index rose by 397 points, or 0.50%, to reach 79,730 points.
The positive momentum comes ahead of the International Monetary Fund’s (IMF) Executive Board meeting on September 25, where Pakistan’s new $7 billion loan program is expected to receive approval. IMF Director of Communications, Julia Kozack, confirmed the development, stating that discussions with Pakistan were successfully concluded in July.
The loan program aims to support Pakistan’s economic reforms and stability efforts amid ongoing fiscal challenges. The approval of the loan is crucial for addressing the country’s external financing gap.
State Bank of Pakistan (SBP) Governor Jameel Ahmed assured that arrangements have been made to address the external financing gap during a recent analyst briefing. The briefing highlighted ongoing efforts to stabilize the economy.
Market analysts believe the IMF loan approval will boost investor confidence, leading to further gains in the stock market and currency exchange.
Key Highlights:
– Pakistani rupee appreciates by 10 paisas against USD in interbank trading
– KSE-100 index rises by 397 points, or 0.50%, to 79,730 points
– IMF Executive Board meeting on September 25 to review Pakistan’s $7 billion loan program
– SBP Governor assures arrangements in place to address external financing gap
– Analysts expect IMF loan approval to boost investor confidence and economic stability.
