Rupee jumps back up against US Dollar,
UAE Dirham to Pakistani Rupee exchange rate witness modest rise
Karachi/Islamabad_The Pakistan Stock Exchange (PSX) continued its bullish trend to break another record by crossing 60,000 points for the first time in its history on Tuesday.
The market gained 611 points to reach 60,423 points at 10:00 in the morning on Tuesday.
The market recovered to the 53,000-point mark in early November after a gap of six years, till then its highest level in history.
In addition to the IMF deal, analysts have attributed the performance of the market to fiscal discipline by the government as well as a clampdown on the smuggling and manipulation of the dollar.
According to the weekly report of PSX, the KSE-100 benchmark closed at 49,493 points which is recorded as the highest in the past six years, however, the highest level of the KSE-100 index was recorded at 49520 points, meanwhile, the lowest weekly level in the stock market was 47,217 points.
During the week, a total of 1.87 billion stocks were bought and sold in the market, while PSX’s one-week business value stood at Rs 55.55 billion, the weekly report stated.
On Tuesday, the US Dollar closed trading in the interbank market at a rate of Rs285.52, experiencing a minor loss of 12 paisas against the Pakistani Rupee, as per the State Bank of Pakistan.
Earlier in the day, the American currency traded in the interbank market at Rs285.53, experiencing a minor loss of 11 paisas. The local currency witnessed a minor gain of 0.04% against the US Dollar.
In the morning, the American currency started trading in the interbank market at a rate of Rs285.35, experiencing a minor gain of 0.1% against the Rupee.
In the open market, however, the Greenback remained stable, and was available at Rs287 for selling and Rs284 for buying.
The Rupee had been consistently slipping against the American currency for the past three sessions at least, and on Tuesday, attempted to jump back up in the interbank market.
On Monday, the Pakistani Rupee dropped for the third consecutive session against the US Dollar and closed the trading session for the day at Rs285.64 after a drop of 27 paisas.
The American dollar saw an increase in value by 0.09% in the interbank market on Monday.
Earlier in the day, the currency had started trading at Rs285.43 against the mighty Dollar in the interbank market after experiencing a slight decrease of 6 paisas, depreciating by 0.02%.
On Monday morning, the Pakistani Rupee started the week with an exchange rate of Rs285.43 against the mighty US Dollar in the interbank market after experiencing a slight decrease of 6 paisas, depreciating by 0.02%.
In the latest financial update, the exchange rate between the UAE Dirham (AED) and the Pakistani Rupee (PKR) experienced a slight increase, settling at Rs77.81 on Tuesday.
This represents a marginal uptick of 3 paisas compared to the previous rate of Rs77.78, with the current open market rate standing at Rs78.75.
The adjustment in the AED to PKR exchange rates holds significance in Pakistan’s currency exchange landscape, as the interbank conversion rate is now established at Rs77.81.
It’s important to note that these rates may undergo fluctuations in the open market, impacting individuals and businesses engaged in currency exchange for both buying and selling purposes.
The 3 paisas increase in the UAE Dirham to Pakistani Rupee exchange rate reflects the ongoing dynamics of the market and the economic factors influencing currency exchange in the country.
Changes in AED to PKR rates are under close observation by those involved in international transactions, highlighting the importance of this development in Pakistan’s financial sector.
Investors and businesses are keeping a keen eye on these market shifts, emphasizing the significance of staying informed about the evolving dynamics of AED to PKR exchange rates in Pakistan.
