US Dollar stages a recovery against Rupee, trading at Rs284.05

American currency gains 18 paisas, exchanges at Rs284.05 interbank market.

US Dollar stages a recovery against Rupee, trading at Rs284.05. In Monday’s early trading, the US Dollar showcased a comeback against the Pakistani Rupee, gaining 18 paisas in the interbank market and reaching an exchange rate of Rs284.05. The positive movement follows the Friday closing, where the American currency ended the session at Rs283.87. Last week saw the Pakistani Rupee’s resilience, appreciating by 0.38% or Rs1.10, settling at Rs283.87 against the US Dollar in the interbank market.

Interbank closing #ExchangeRate for todayhttps://t.co/pnuj60fyol#SBPExchangeRate pic.twitter.com/lLPdpmSUWf

— SBP (@StateBank_Pak) December 8, 2023

Meanwhile, the Pakistan Stock Exchange (PSX) 100-index sustained its bullish momentum on Monday, reaching 66,516.85, marking a notable increase of 293.22 points or 0.44%. The momentum carried forward from Friday’s historic surge, where the benchmark achieved a record-breaking increase, closing at 66,223 points.

The currency and stock market movements indicate a dynamic financial landscape, with traders and investors closely monitoring these trends for potential opportunities and adjustments in their portfolios. The resilience of the Pakistani Rupee and the positive trajectory of the PSX contribute to an optimistic outlook for the country’s economic indicators.

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The Pakistan Stock Exchange is a stock exchange in Pakistan with trading floors in Karachi, Islamabad and Lahore. PSX was classified by MSCI as a frontier market on 8 September 2021.