KARACHI: Pakistani Rupee has performed exceptionally well and it was thefirst ever occasion in last four years that the US dollar lost Rs5.36against the rupee on Monday in the inter-bank market, falling to Rs122.5.
As the markets opened, the Pakistan Stock Exchange (PSX) witnessed apositive trend. The benchmark KSE-100 index gained 314 points to reach43,100 points.
The positive economic indicators are considered to be largely driven bywhat investors consider the return of political stability following theJuly 25 polls.
The national debt will decline by Rs450 billion as the rupee consolidatesgains against the greenback.
In a comment to *Geo.tv*, market analyst Samiullah Tariq said, “News ofinflows from multiple channels including the credit line from the IslamicDevelopment Bank (IDB) has created a positive sentiment about the balanceof payments. This has resulted in a drop in dollar price in the interbankmarket against the rupee.”linklink
As the future outlook becomes clear and investors gain confidence about theoutcome of their future investments, the market will continue toincorporate the positive sentiment in trading activities, Tariq said.
On Saturday, the US dollar had depreciated by Rs4 in the open market. Thepositive development was attributed to the end of political uncertaintyfollowing elections.