Infostani Sources- The interbank market witnessed an 88-paise drop in the dollar, bringing it down to 286.49, while the open market saw a 50-paise decline, settling at 288.25. This decline in the dollar had an impact on the gold market.
Reports indicated that the path to join the new loan program after the conclusion of the ongoing program in April had cleared, revealing the evident impact of the IMF agreement. On Friday, the rupee experienced continued depreciation against the dollar, leading to the interbank rate of the dollar dropping below 287 rupees.
Throughout the business day, the rupee has consistently depreciated against the dollar in the interbank market. Resulting in the dollar’s value decreasing by 97 paise to 286 rupees 40 paisa. Consequently, by the close of business, the dollar’s value stood at 286 rupees 49 paise, reflecting a decrease of 88 paisa. Similarly, in the open currency market. The dollar closed with a decrease of 50 paisa at 288 rupees and 25 paisa.
Stock Exchange Market Volatility: Profit-Taking Causes Dip, Gold Prices Decline
After reaching new bullish records, the stock exchange experienced volatility on Friday as investors engaged in profit-taking. Despite the decline, the index maintained stability at the 57,000-point level, with 50.13 percent of share prices witnessing an increase. However, investors incurred losses amounting to K 15 billion 61 crore 23 lakh 65 thousand 650 rupees. Towards the closing moments, lower prices prevailed due to heightened buying activities in shares across various sectors. The severity of the downturn diminished, leading to a decrease of 333.87 points in the KSE 100 index, closing the business at 57063.16 points.
Additionally, in local bullion markets on Friday. The price of 24-carat gold per tola dropped by Rs 2200 to Rs 2 lakh 16 thousand 500. The price of gold per ten grams decreased by Rs 1886 to Rs 141 1856.
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