ISLAMABAD: The exchange rate of US dollar versus Pakistani rupee fell to 210 rupees in the open market on Monday Noon while KSE-100 index of Pakistan Stock Exchange crossed 43,460 points with 600+ points gain at 12:30 Noon amid positive news about Saudi deposits extension and fulfillment of the IMF requirements for the resumption of loan to Pakistan ahead of board’s meeting expected on August 29.
In the inter-bank, however, the dollar-rupee exchange rate first dropped by three rupees, then the greenback recovered and the difference of value fell by one rupee at sharp noon (12:40).
In the open market, dollar is rapidly losing value, but the banking sector is resisting swift loss of dollar’s value to avoid losses as banks are maintaining their foreign exchange reserves around $6 billion at this time.
In the last 10 trading days, the US dollar has lost Rs40 in its value against the local currency. The US dollar hit 250 rupees record high level in open market in July and fell to 210 rupees by Aug 15 as Pakistan is getting closer to receive IMF loan.
The KSE-100 index surged to 43,470 points with 613 points gain (1.43 percent). The volume of shares trading stood at 161.546 million involving 6.707 billion rupees. The KSE-100 index’s high level was 43,491 points on Monday and 42,857 points low level, indicating 634 points fluctuation in the index.
