The pressure on the rupee continues, the dollar is more expensive, the stock market is booming

Source: File Photo

KARACHI: Despite China’s agreement to reschedule the $2 billion loan and the increase in foreign exchange reserves, the advance of the dollar continued after a slight decline on Friday, due to which the interbank rate of the dollar exceeded 286 rupees, while the open rate reached the level of 291 rupees.

The dollar continued to appreciate as speculators reportedly moved cautiously, leaving the exchange rate to market forces to meet IMF conditions. At the close of business, the interbank dollar closed at Rs 286.81 with an increase of Rs 1.67 and similarly, the dollar also closed at Rs 291 with an increase of Rs 1.50 in the open currency market.

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Meanwhile, due to the court decision regarding super tax and fresh investments by foreigners in the oil and gas sector, the Pakistan Stock Exchange continued to rise on Friday, which restored the index to 6 more levels of 45400, 45500, 45600, 45700, 45800 and 45900 points.

Due to the boom, 58.11% share prices increased while the value of shares also increased by 70 billion 93 crore 70 lakh 25 thousand 187 rupees. At the close of business, the KSE 100 index closed at 45,920.73 points with an increase of 522.52 points.

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The prices of gold per tola and per ten grams increased by Rs 1,800 and Rs 1,542 respectively in the local bullion markets on Friday. As a result, the price of gold per tola increased to 222900 rupees and the price of gold per 10 grams increased to the level of 191100 rupees.




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