KARACHI: During early trade in the interbank market, the dollar gained Rs1.22 in value. The greenback continued an upward trajectory and traded at Rs206.37. In the open market, the dollar fluctuated between Rs207 and Rs208.
As per the economic analysts, the rupee is under pressure because the International Monetary Fund (IMF) is delaying the $6 billion bailout programme. The declining foreign exchange reserves (currently $9.2 billion) have created additional problems.
Meanwhile, the Pakistan Stock Exchange had a good early hour trade as the benchmark KSE-100 index gained over 450 points. The slight increase came after the investors were given confidence that Pakistan would exit the grey list of FATF. By 10:30 am, the index hiked to 41,516 points (an increment of 461 points). Earlier, the PSX had closed at 41,054 points after facing a lukewarm condition for some time.