(CTN News) – The Pakistani Rupee experienced a decline for the third consecutive session against the US Dollar on Monday, resulting in a closing trading session rate of Rs285.64 after a decrease of 27 paisas. Meanwhile, the US Dollar witnessed a 0.09% increase in value in the interbank market.
At the beginning of the day, the Rupee started trading at Rs285.43 against the US Dollar, following a slight depreciation of 6 paisas or 0.02%.
The interbank market witnessed a slight decrease of 6 paisas, causing the Pakistani Rupee to start the week at an exchange rate of Rs285.43 against the US Dollar on Monday morning.
This resulted in a depreciation of 0.02%. However, on the last trading day of the business week,
The Pakistani rupee appreciated by 27 paisas against the US dollar in the interbank market.
Currently, the Greenback is being traded at Rs285, with the local unit experiencing a decrease of 0.05 percent and closing the day at Rs285.27, a decrease of 66 paisas.
However, the stock market experienced a robust November rally, with the potential for continued gains until the end of the year.
This can be attributed to the IMF standby agreement and the announcement of general elections.
Notably, the Pakistan Stock Exchange witnessed a remarkable start with the KSE 100 index recording a significant increase of 322 points, reaching a new milestone of 59,222 points on the final business day of the week.
In the meantime, Pakistan encountered a decrease in its foreign exchange reserves as the State Bank of Pakistan (SBP) observed a weekly decline of $217 million, resulting in a total of $7.2 billion as of November 17.
The nation’s liquid foreign reserves, which encompass the net reserves held by commercial banks, reached $12.3 billion.