Dollar surges to Rs286 in open market, bourse continues bullish run

USD increases by Rs0.24 in the inter-bank market to reach Rs284.55

KARACHI:

The US dollar witnessed a significant increase on Monday in the open market with the currency touching Rs286.

The dollar rose by Rs0.24 in the inter-bank market to reach Rs284.55 around noon on the first working day of the week. 

The Pakistan Stock Exchange (PSX) continued its bullish trend and opened with an increase of 81 points to settle at 53,204 points at the start of the business day. 

During the day's trading, the bourse witnessed another increase of 389 points, taking the KSE-100 index to 53,572 points.

Last week, the PSX hit a new all-time high after a gap of six-and-half-year, surpassing the psychological barrier of 53,000 points in the wake of outstanding profits reported by companies listed at the bourse.

The index hit the previous record high closing of 52,876.46 points on May 24, 2017.

The index spiked to a new historical high amid most of the listed companies reporting record-high profits for the quarter that ended September 2023 despite the economic slowdown.

The companies include commercial banks and oil and gas exploration companies.

On the other hand, the relatively smooth first International Monetary Fund (IMF) review of the domestic economy under its $3 billion loan programme started on Thursday and backed the market sentiments.

Moreover, the announcement of the election date by the Election Commission of Pakistan (ECP) in consultation with President Arif Alvi also encouraged investors to buy stocks at rising prices.