The Pakistani rupee (PKR) experienced a marginal depreciation against the US dollar during Friday’s trading.
In the interbank market, the dollar experienced a 58-paisa increase, causing it to appreciate against the Pakistani rupee. This increment pushed the dollar’s value to 295.50 rupees.
This has also drawn attention to the currency’s performance in the open market, where it recently crossed the threshold of 300 rupees per dollar.
On the other hand, in a dramatic uptick witnessed on Friday’s opening, the PSX kicked off the trading day on a bullish note.
The Pakistan Stock Exchange (PSX) is riding a pro-business wave, defying recent currency fluctuations to attain 226-point surge in the 100 index, which is often seen as a barometer of the economy’s health, and reached a significant milestone of 48,552 points.
On Thursday, the PKR saw a minor fall against the American currency, depreciating 0.15%.
The currency settled the trade at PKR 294.92 per USD, compared to the previous session’s closing of PKR 294.93 per USD.
However, the broader trajectory suggests that the dollar’s upward momentum continues to exert pressure on the local currency.
The currency saw an intraday high (bid) of 295.25 and a low (ask) of 295.1.
In the open market, Exchange Companies quoted the dollar at 301 for buying and 304 for selling.