The Pakistani rupee continued to make small gains against the dollar on Wednesday, as it increased by 66 paisas in the interbank foreign exchange market.

The greenback was trading at Rs285.13 at the closing of the market, as against the closing of Rs285.79 the previous day.

In the open market, the buying of the dollar was recorded at Rs283.65 while it was quoted at Rs286.5 for selling at the time of filing the story.

Rupee began its slow recovery against the dollar after Pakistan reached a staff-level agreement with the International Monetary Fund for the first review of the Stand-by Arrangement.

New high at PSX: KSE-100 crosses 58,000 level

On the other hand, Driven by improved market sentiment, the Pakistan Stock Exchange (PSX) maintained its upward trajectory as the benchmark KSE-100 Index crossed the 58,000 level for the first time in history on Wednesday.

The benchmark KSE-100 Index gained 827.18 points, or 1.44% to reach 58,198.76 levels at the closing of the trading session.

Similarly, the KSE-30 Index gained 328.34 points or 1.72% to reach 19,374.88 levels at the closing of the market.

Across-the-board buying was witnessed, with index-heavy sectors including automobile assemblers, cement, chemical, commercial banks, fertilizer, oil and gas exploration companies and OMCs trading in the green.

On Tuesday, the benchmark index had gained 294 points or 0.51% to settle at 57,371.59.

The ongoing bullish trend comes amid the country’s improved economic indicators and the interim government’s successful negotiations with the International Monetary Fund (IMF) for the first review, which will unlock $700 million in funding.