{"id":25095,"date":"2023-11-16T08:39:27","date_gmt":"2023-11-16T08:39:27","guid":{"rendered":"https:\/\/news.pakistaninewspaperlist.com\/rupee-recovers-against-usd-as-psx-crosses-57000-points-the-express-tribune\/"},"modified":"2023-11-16T08:39:27","modified_gmt":"2023-11-16T08:39:27","slug":"rupee-recovers-against-usd-as-psx-crosses-57000-points-the-express-tribune","status":"publish","type":"post","link":"https:\/\/pakistaninewspaperlist.com\/news\/rupee-recovers-against-usd-as-psx-crosses-57000-points-the-express-tribune\/","title":{"rendered":"Rupee recovers against USD as PSX crosses 57,000 points | The Express Tribune"},"content":{"rendered":"
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\nKARACHI:
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The Pakistan Stock Exchange (PSX) surpassed the milestone of 57,000 points, hitting a new all-time high during early trading hours on Thursday following the staff-level approval by the International Monetary Fund (IMF) for a loan tranche of $700 million.\u00a0<\/p>\n

The successful completion of the first IMF review of the domestic economy also helped the Pakistani rupee as it made a significant recovery of over Rs2 to a one-week high of Rs286 against the US dollar in the inter-bank market.<\/p>\n

PSX benchmark KSE-100 index was up by 493 points, hovering at a record high of 57,173 points before mid-day.<\/p>\n

Read:\u00a0<\/strong>Rupee hits seven-week low against dollar\u00a0<\/a><\/p>\n

Commenting on the stock market’s record-breaking spree, PSX\u00a0MD\u00a0Farrukh Khan said the timely completion of the\u00a0IMF review played a pivotal role in taking the market to a new high.<\/p>\n

He added that the caretaker government has taken some tough economic decisions which is supporting the ongoing rally at PSX.<\/p>\n

PSX has gained over 4,000 points during the past 10 days.<\/p>\n

It has increased by over 34% in one year in the wake of early signs of economic recovery and the announcement of the forthcoming general election date.<\/p>\n

The rebound in the rupee-dollar exchange rate has ended the downward trend seen in the previous 17 consecutive working days.<\/p>\n

The currency had closed at a seven week\u00a0low of Rs288.14\/$ on Wednesday, having lost around 4% or around Rs11 in the past 17 working days.<\/p>\n<\/div>\n