On Tuesday, the Pakistan stock market exhibited significant strength, surpassing the 50,000-point milestone after a hiatus of six years and five months. Simultaneously, the Pakistani rupee maintained its remarkable resurgence, gaining a substantial Rs30 against the US dollar in inter-bank trading over the past month.
Specifically at the Pakistan Stock Exchange (PSX), the benchmark Karachi Stock Exchange (KSE) 100 Index experienced a noteworthy upswing, climbing by 192.69 points to reach the level of 50,324.
Several factors contributed to the robust performance of the PSX, including the appreciation of the rupee, a substantial decline in petroleum (POL) prices, and a favorable economic outlook report issued by the International Monetary Fund (IMF).
In contrast, the US Dollar sustained a continuous decline, spanning the 29th business day, in the face of the 'unstoppable' Pakistani Rupee, ultimately settling at Rs275.75 with an eight paisa drop on the second trading day of the week.