Pakistani Rupee bounced back significantly against US dollar
KARACHI – The dollar was traded at Rs Rs150.70 after witnessing a 75-paisa decrease in the interbank market on Friday.
In the open market, the dollar was sold at Rs151.70 after witnessing a decrease of 80 paisas.
On the other hand, Pakistan Stock Market stabilized and 100 index crossed 35,600. A total increase of 122 points was observed on Thursday.
On Wednesday, 100 index had gained 1,095 points. The US dollar rate had increased by Rs2.35, reaching all-time high of Rs152 in the interbank market. On Monday, it was increased by Rs1.63 and was being sold at Rs149.50 when the business closed.
On Thursday, the dollar that valued at Rs141.5 climbed roughly Rs6.51 and reached approximately Rs148 in the interbank market during trading before closing at Rs147.10.
After the approval of the bailout package, the dollar price is skyrocketing while the stock market is witnessing a decline daily. The action taken by Prime Minister Imran Khan has started yielding results. During a meeting with a delegation of the Exchange Companies Association on Wednesday, the prime minister had ordered action against the companies selling the dollar at a high rate.