As the business week draws to a close, the US dollar is experiencing a downward trend against the Pakistani currency, marking a notable shift in the foreign exchange market dynamics.
The US dollar closed with an increase of nine paisas reaching 278.48 while in the open market the greenback decreased 13 paisas and reached 279.69.
Currency dealers report that at the onset of business on Friday, the value of the dollar has dropped by 8 paisas in the interbank market. Following this decrease, the dollar is currently trading at Rs278.40 in the interbank market, reflecting a decline in its value against the Pakistani rupee.
Also Read: Stock exchange hits record high: KSE-100 index crosses 72,500 points
Simultaneously, the Pakistan Stock Exchange (PSX) is witnessing a bearish trend as the business day kicks off. The KSE-100 index has plummeted by 170 points to reach 71,800 points. This downturn in the stock market comes in contrast to the previous day's closing figures, where the market concluded at 71,971 points.
The previous day, the Karachi Stock Exchange witnessed another remarkable surge as the benchmark KSE-100 index soared to unprecedented heights, reaching a historical milestone of 72,501 points. Investors exuded confidence in the market as the bullish trend persisted, signalling robust economic sentiment within Pakistan's financial landscape.
Meanwhile, in the currency market, the value of the US dollar witnessed a marginal increase, with interbank rates rising by six paisas. The dollar was quoted at Rs278.45 in the interbank market, reflecting the dynamic nature of foreign exchange fluctuations amidst the prevailing market conditions.
