US Dollar gives a strong blow to Pakistani Rupee
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The Pakistani rupee (PKR) experienced a continued decline against the US dollar, with a depreciation of Re0.88 reported by the State Bank of Pakistan on Friday. This led to the rupee's closing rate of Rs284.31 in the interbank market. Over the course of the week, the PKR witnessed a significant depreciation of 3.74 rupees against the US dollar, concluding the week at PKR 284.31, in contrast to the previous week's closing rate of PKR 280.57 per USD.
During the day's trading session, the domestic currency saw fluctuations, with an intraday high (bid) of 284.5 and a low (ask) of 283.6, ultimately closing with a loss of 88.74 paisa.
In contrast, the Pakistan Stock Exchange's KSE-100 index remained on an upward trajectory on Friday, surpassing the 53,000 point mark and achieving an all-time high.
The benchmark stock index reached a record intra-day high of 53,263.07, registering a 1.15 percent increase from the previous closing rate before experiencing a slight correction. This marked the highest level reached since May 25, 2017.
Arif Habib Limited reported that the market had achieved unprecedented all-time high levels, surpassing previous records and heralding a new era of financial excellence.
