Tag: early trade

  • Intraday update: Pakistani rupee drops to historic low of Rs278.67 against US dollar

    Intraday update: Pakistani rupee drops to historic low of Rs278.67 against US dollar

    After Finance Minister Ishaq Dar authorised a proposal for charity groups to help raise almost $2 billion from overseas Pakistanis, the Pakistani rupee (PKR) fell by over 2.5 per cent against the dollar during intraday trade on Friday, falling as low as Rs278 against the dollar.

    The rupee was trading at Rs278.67 versus the dollar in intraday trade on the interbank market around 12:50 pm, according to the Exchange Companies Association of Pakistan (ECAP).

    The local currency fell by Rs7.32 from its previous day’s closing rate of Rs271.35 to the US dollar.

    The PKR has lost Rs7 or more versus the US Dollar during intraday trade for the third time in a week.

    Bloomberg reports that Pakistani rupee and dollar bonds fell after Prime Minister Shehbaz Sharif said that the International Monetary Fund (IMF) is making life difficult for the country in the ongoing loan negotiations.

    According to information gathered by the US publication, USD/PKR increases 1.8 per cent to a record 275.0250. Bonds that are due in April 2024 were priced at 56.94 cents on the dollar, down 0.3 cents.

    Experts claim that the market is responding to news stories about the demands put forward by the IMF. In the coming days, rupee losses will intensify if Pakistan is unable to reach a staff-level agreement with the Fund.

  • Pakistani rupee inching towards all-time low once again

    Pakistani rupee inching towards all-time low once again

    In the first hours of trade on Tuesday, the Pakistani rupee (PKR) fluctuated between Rs238 and Rs239 as it lost value versus the US dollar in the interbank market.

    During intra-day trade at roughly 10:20 am, the rupee was quoted at Rs237.99, a devaluation of Rs0.08 or 0.03 per cent versus the greenback.

    In the interbank market on Monday, the local currency fell for the 12th straight session to end at Rs237.91 as pressure on the currency increased due to the expectation of a higher import bill and the globally strong dollar.

    The PKR has continued to lose value after receiving the IMF tranche of $1.2 billion at the beginning of September and has not yet seen a positive session this month.

    According to experts, the country’s borrowing requirements would rise in the wake of the devastating flash floods, which will also boost the cost of imports. As floods destroy standing crops in Sindh and lower Punjab, the country’s borrowing requirements may rise further in the near future.

  • PSX resumes recovery as KSE-100 index gains 670.87 points

    PSX resumes recovery as KSE-100 index gains 670.87 points

    The KSE-100 increased for the fourth consecutive session on Friday as the rupee continued to strengthen against the US dollar, maintaining positive investor confidence at the Pakistan Stock Exchange (PSX).

    The price of WTI crude oil was $87.95 per barrel during the day, while Brent crude oil was being sold at $93.75 per barrel, bringing the global oil prices to multi-month lows.

    The domestic equities market gained 670.87 points, or 1.62 per cent, to close at 42,096.24 points as a result of this development.

    The Pakistani currency’s ongoing rebound, which continued for the sixth day in a row against the US dollar, provided additional support for the market.

    Despite initial selling pressure on the market and a period of time in which the KSE-100 index traded flat, investor interest picked up toward the end of the first session, and the market closed roughly 300 points higher.

    The rise gained momentum in the second session, which enabled the index to pass the 42,000-point threshold and conclude with significant gains.

    The day ended strongly for index heavyweights in the banking, fertiliser, cement, chemical, automobile, and cement industries. On a weekly basis, the benchmark KSE-100 increased by 4.85 per cent. Capital Stake said that the PSX had strong sentiment for the fourth straight session.

    According to Topline Securities’ analysis, Pakistan’s stocks saw good momentum as a result of softening global energy prices for coal and oil, which experienced some correction.

    The decline enabled the market maintain its purchasing mood from Thursday and helped the KSE-100 index conclude the day at 42,096 points.