February, 22, 2024
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Rupee Strengthens: Record-break Stocks Soar, Bullish Trend

Rupee Strengthens: Record-break Stocks Soar, Bullish Trend

Infostani Sources- Positive economic indicators led to a strengthening of the rupee against the dollar on Tuesday, despite intermittent profit-taking in the Pakistan Stock Exchange. The bullish sentiment proved fruitful, breaking all previous records with the new index reaching 62,500 points, surpassing the highest psychological level. Share prices increased by 49.08%, contributing to a total value gain of more than 78 billion 305 million rupees.

During the business session, the index surged by 544 points, reaching a new all-time high of 63,000 points, driven by mutual fund and individual investments, including foreign participation. However, intermittent profit-taking resulted in a decline of 278 points. Closing the KSE index at 62,956.03 points, still marking a gain of 100 points.

Rupee Depreciates: Dollar and Gold Prices Decline

Rupee Strengthens: Record-break Stocks Soar, Bullish Trend

The dollar has sustained depreciation since November 16. Following a Rs 7.20 depreciation of the rupee during the IMF’s 15-day economic review period. A consistent decrease in demand and improved supply reversed the trend of the dollar in both foreign exchange markets on Tuesday. At the close of business. The dollar value settled at Rs 284.37 paise, declining by 15 paisa in the interbank market. In the open currency market, the dollar closed at 285 rupees 25 paise, showing a decrease of 25 paise.

In the local bullion markets, the price of 24-carat gold per tola experienced a decrease of Rs. 4200, reaching Rs. 219,400, while the price of gold per ten grams decreased by Rs. 3601, settling at Rs. 100,188.

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