Pakistan

USD exchange rate: Rupee edges lower against dollar, stable against others

The rates show slight fluctuations, with the Pakistani rupee experiencing minor changes against key currencies

News Desk December 16, 2024

The US can print its currency to cover its external account, but this practice can only continue as long as countries like China, Japan, and Saudi Arabia are willing to buy US debt and hold dollars as a reserve currency. photo: file

The National Bank of Pakistan (NBP) released updated exchange rates for major currencies on Monday, December 16, 2024.

The rates reflect slight fluctuations in the currency market, with the Pakistani rupee showing minor changes against several foreign currencies.

As of today, the US Dollar (USD) is being sold at Rs281.08 and bought at Rs275.22

Whereas, the British Pound (GBP) is listed at Rs355.08 for selling and Rs347.66 for buying.

The Euro (EUR) is priced at Rs295.51 for selling and Rs289.32 for buying.

Meanwhile, the Saudi Riyal (SAR) is being sold at Rs74.81 and bought at Rs73.24.

Lastly, UAE Dirham (AED) is listed at Rs76.53 for selling and Rs75.44 for buying.

The rates reflect the ongoing fluctuations in the exchange market, influenced by both domestic economic factors and global market trends.

PSX hits historic high as KSE-100 briefly crosses 116k points

The Pakistan Stock Exchange (PSX) began the week on a bullish note, with the KSE-100 index briefly soaring past 115,900 points, marking a historic high for the market.

The new business week opened with a significant surge of around 1700 points, propelling the KSE-100 index to 116,015.28 points during intra-day trading

The Indes continued to fluctuate through the session, with the index reaching 115,900 points after a 1.25% surge.

This upward trajectory follows weeks of consistent gains, which saw the market break multiple records in the prior week.

The latest surge cements the PSX’s position as a high-performing market in the region, with traders optimistic about sustained growth in the near term.

The PSX earlier last week had also achieved a historic milestone during the outgoing week as the KSE-100 index surged 4.8% and closed at a record high of 114,302 points.

Average daily traded value during the week reached an unprecedented Rs60 billion, which led to the index's year-to-date return of 83%.

Investor optimism was fueled by expectations of an interest rate cut in the upcoming monetary policy meeting and strong economic indicators, including a 29% year-on-year (YoY) rise in remittances to $2.9 billion in November.

The market also benefited from declining yields in T-bill auctions, increased auto sales and improved banking sector performance.

Sector-wise, oil and gas exploration, fertiliser and technology led the gains, where stocks like Mari Petroleum and Fauji Fertiliser Company (FFC) made significant contributions.

Despite foreign outflows of $0.9 million, local fund buying bolstered the market. Pakistan retained its position as the world's top-performing market in terms of US dollar returns for the second consecutive week.