The Pakistani rupee strengthened against the US dollar in the currency market on Friday, following the government's expected deal with the International Monetary Fund (IMF) and a recent reduction in interest rates.
According to currency dealers, the US dollar dropped by 25 paisas in the interbank market at the start of trading, moving from Rs278.44 to Rs278.20. Similarly, in the open market, the dollar is being sold at Rs280.85, 10 paisas cheaper than the previous rate.
Exchange Companies of Pakistan Chairman Malik Muhammad Bostan noted that the dollar has been declining for the fourth consecutive day in the interbank market. He emphasized that the real impact of the interest rate cut will be seen on Monday, which is expected to further ease government interest payments and strengthen the rupee.
Also Read: Strong bullish trend in PSX: KSE-100 crosses 80,000 points
In addition to the currency market developments, the Pakistan Stock Exchange (PSX) also witnessed a positive trend. The KSE-100 index surged by 999 points, restoring the 80,000-point level, with the index reaching 80,016 points at the start of trading.
Market analysts attributed the bullish momentum to growing optimism about the IMF deal and the positive effects of reduced interest rates and falling global oil prices.
