The Pakistani Rupee has slipped against the US Dollar, with the exchange rate showing a slight decline in intra-day trading.
The USD is trading at Rs277.80 in in the interbank market during intra-day trading on Wednesday.
The US Dollar remains a key currency in focus, with the current selling rate at Rs 278.30 and the buying rate at Rs 277.80.
Yesterday, the Pakistani rupee depreciated by 6 paisa against the US dollar on Tuesday, closing at Rs 277.92 in interbank trading, compared to the previous day's closing of Rs 277.86. In the open market, the dollar was being bought at Rs 277.40 and sold at Rs 278.90, according to the Forex Association of Pakistan (FAP).
Meanwhile, the Euro experienced a decline of Rs 1.57, closing at Rs 295.44, down from Rs 297.01 the previous day, as reported by the State Bank of Pakistan (SBP).
The Japanese yen remained stable, holding steady at Rs 1.80, while the British Pound saw a drop of Rs 2.26, closing at Rs 356.00, compared to Rs 358.26 on the last trading day.
Additionally, the exchange rates for the Emirates Dirham and Saudi Riyal saw slight increases of 2 and 1 paisa, respectively, closing at Rs 75.66 and Rs 73.98.
Stocks hit record high amid privatisation buzz
Pakistan Stock Exchange (PSX) rallied to a new all-time high at 93,648 points, driven by blue-chip stocks, as investor optimism grew over news of impending privatisation of state-owned enterprises (SOEs) and foreign interest triggered by the revised MSCI index weight for Pakistan.
A stable rupee and declining bank lending rates, following a drop in government bond yields, further spurred buying activity.
"Stocks reached a new all-time high, led by blue chips, on the IMF's calls for privatisation of SOEs and expected foreign interest after revision in the MSCI standard index weight to 4.4%," said Ahsan Mehanti, Managing Director of Arif Habib Corp.
Rupee stability and the falling bank lending rates following a slump in government's bond yields played the role of catalysts in bullish activity at the PSX, he added.
At the close of trading, the benchmark KSE-100 index recorded an increase of 356.64 points, or 0.38%, to 93,648.33.
Topline Securities wrote in its review that the market showed a positive momentum, with the KSE-100 index reaching the peak of 94,020 and dipping to the low of 93,319, as investors took a directional stance, driven by lower valuations in the pharmaceutical sector.
The index was lifted by positive contributions from Oil and Gas Development Company (OGDC), Pakistan Petroleum Limited (PPL), Abbott Laboratories, The Searle Company and GlaxoSmithKline, which collectively added 399 points.
Trading activity remained robust, with 815 million shares traded, amounting to Rs37 billion, Topline added.
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