Rupee strengthens against Dollar by 5 Paisa

The exchange rate of the US dollar against rupee decreased by 05 paisa in the inter bank and was traded at Rs. 155.04

According to the details, on the last day of the business week, the rupee strengthens against the all-time high dollar by 05 paisas.

The dollar which was trading at 155.09 is now at Rs. 155.04

On the other hand, on the last day of business week, stock exchange witnessed rise, with the increase of 70 points in the 100 index, it reached 40,700 points after 9 months.

Earlier, the World Bank Group had forecasted Pakistan’s economic growth to slow down for the next two years as it continues to face another macroeconomic crisis due to massive twin deficits and low foreign reserves.

Economists were of the view that effective measures must be implemented on the priority basis to recover the state from the balance of payment deficit.

US-based magazine Bloomberg, reported yesterday that Pakistan stocks have outperformed the world’s leading stock markets during the last three months due to the government’s steps to stabilize the economy.

According to the latest report of Bloomberg, during the previous three months, Pakistan’s stock market surged by 30 percent while Ireland’s stock market increased by 20 percent followed by Russia’s RTS index with a positive change of 15 percent.

The report said that Pakistan’s KSE-100 Index has advanced to the highest level in seven months. The development comes as a result of measures taken by the government to stabilize the economy.