Islamabad, Sep 26: The Pakistani rupee experienced a minor recovery in the interbank market on Thursday, attributed to the announcement of a deal with the International Monetary Fund (IMF).
Exchange Rate Changes
- The US dollar depreciated by 25 paisas, resulting in an exchange rate of Rs277.60.
- Analysts noted that the decline in the dollar’s value was due to positive market sentiment stemming from the IMF deal, which bolstered investor confidence in Pakistan’s economic stability.
Stock Market Performance
In tandem with the currency recovery, the Pakistan Stock Exchange (PSX) reached an all-time high, fueled by the positive sentiment following the IMF loan program approval.
- The KSE-100 Index surged 450 points, peaking at 82,700 points during the trading session.
- At one point, the index soared to 83,000 points, marking a historic milestone for the stock market.
- The IMF’s loan program approval significantly impacted trading activity, resulting in an increase of over 600 points at the market’s open, with a total gain of 635 points leading to the index reaching 82,900 points.
This optimistic turn in both currency and stock market reflects growing confidence in the country’s financial prospects following the IMF’s support
