The value of the US dollar against the Pakistani rupee has declined further, with the dollar becoming cheaper by an additional 34 paisas in the interbank market. Pakistan Stock Exchange (PSX) has shown a significant increase, with the 100 Index gaining 600 points, reaching a trading level of 82,800 points.
This follows a strong performance the previous day, when the index closed up by 764 points at 82,247.
According to the State Bank of Pakistan, on the fourth day of the business week, the dollar’s price fell to Rs277 and 50 paisas.
The previous day, the stock market had also closed positively, with the 100 Index gaining 764 points to end at 82,247 points.
This comes after the dollar had increased by 5 paise on Wednesday, closing at Rs277 and 85 paisas in the interbank market.
In a contrasting development, the Pakistan Stock Exchange experienced a significant surge following the International Monetary Fund’s (IMF) approval of a $7 billion bailout package.
According to sources from the Ministry of Finance, Pakistan is expected to receive the first tranche of $1.1 billion by September 30. The second tranche is anticipated to be disbursed within the same financial year after the loan program’s approval.
Additionally, the loan will be provided at an interest rate of less than 5%, offering some relief to Pakistan’s financial challenges.
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