Rupee jumps 27 paisa against US Dollar
Bullish trends continues in Pakistan stock exchange on Thursday, as rupee jumps up against dollar in Interbank. Whereas, dollar slid down 10 paisa in open market.
According to the details, dollar slide down to 27 paisa, from 158.57 to 158.30.
However, in the open currency market, dollar slide down 10 paisa against USD.
A noticeable fall has been observed in the rate of dollar in open market.
Likewise, in currency dealers association, dollar rate remains 158.80 rupees.
Yesterday, Bullish trend continued in Pakistan stock exchange on Wednesday, as dollar slid.
Whereas, Pakistani rupee remained stable in the open currency market.
According to the details, reports of Forex Association of Pakistan suggested that the rate of dollar slid down to 3 paisa, which set the buying rate to 158.67 from 158.70. Whereas, the selling rates to 158.77 from 158.80.
However, in the open currency market, buying and selling rates of dollar remained same; 158.50 and 159 respectively.
A noticeable fall was observed in the rate of Euro. After which, buying rate remained 174.50, which slid down from 173.50 and the selling rate went down to 175.50 from 176.50.
Likewise, rates of British pound went down to 190 from 190.75 in selling and slid down to 192 from 192.75 in buying.
Pakistan has received $500 million from Asian Development Bank (ADB) last week.
According to State Bank of Pakistan the central reserves have received $530 million after which State Bank reserves have increased from $8 billion.
Commercial banks currently have total reserves of $7 billion.
Total foreign currency reserves have increased to $15 billion currently in the country.
Whereas last month, The Pakistani currency, on the back of deteriorating macroeconomic indicators, continued to lose ground and cumulatively depreciated against the US dollar.
It is anticipated that the US dollar rate would fluctuate for some time, and the value of the Pakistani rupee would stabilize after proper implementation of the economic policies.