Tag: market analysis
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Pakistan’s stock market crosses 48,000 mark after two years
The Pakistan Stock Exchange’s (PSX) benchmark KSE-100 index soared past the 48,000 mark, reaching a 24-month high, on Monday, as investors responded to recent positive economic developments in the country. Analysts predict that the prevailing positive sentiment is likely to continue in the coming days.
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Pakistani rupee maintains winning streak against dollar for third day to close at Rs286.73
The Pakistani rupee continued its upward trend against the US dollar for the third consecutive session in the inter-bank market on Thursday, appreciating by 0.09 per cent. According to the State Bank of Pakistan (SBP), the currency settled at Rs286.73 at the close, showing an improvement of Rs0.25 compared to the previous day’s rate of…
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Gold price in Pakistan is currently Rs5,000 higher than global market rate
The price of gold continued to increase in Pakistan on Monday, following the gains of last week. According to the All Pakistan Sarafa Gems and Jewellers Association, the rate of 24-carat gold rose by Rs2,000 per tola and Rs1,714 per 10 grammes, settling at Rs237,300 and Rs203,446, respectively.
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Pakistani rupee witnesses biggest single-day decline against dollar in more than two decades
Pakistani rupee dropped significantly against the US dollar in the interbank market on Thursday, as it fell more than 9 per cent during the intraday trade. Around 1:30 PM, the dollar’s intraday quote was Rs254.75, which represents a depreciation of Rs23.86. According to Ismail Iqbal Securities, “This is the largest single-day decline in both absolute…
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SBP’s foreign exchange reserves dropped to $7.83 billion
Owing to debt payments, the State Bank of Pakistan’s (SBP) foreign exchange reserves fell to $7.83 billion as of August 5 from $8.385 billion in the last week. It is worth noting that this is the lowest level in over three years, according to figures released by the SBP. Pakistan’s overall foreign exchange reserves were…