Dollar 93 paise in interbank, 25 paise cheaper in open currency market. Photo: File
Karachi: Billions of rupees of investors sank on the statement of a federal minister regarding the insolvency of Pakistan.
A federal minister’s statement on Pakistan’s insolvency, IMF’s condition for an aggressive increase in interest rates and uncertainty on the political horizon kept the Pakistan Stock Exchange in a bearish mood on Monday. The psychological level of 41000 points and 72% share prices fell while another 73 billion 94 million 16 thousand 568 rupees of investors were sunk.
At the close of business, the KSE 100 index closed down by 444.97 points at 40,673.64 points, trading volume was 16 percent lower than last Friday and a total of 92.71717662 shares were traded.
Meanwhile, due to factors such as the improvement in the real effective exchange rate and the reduction in the current account deficit to the lowest level in 21 months, the dollar remained weak against the rupee on Monday, due to which the interbank rate of the dollar fell to 262 rupees and the open rate from 268 rupees. Also came down.
Experts say that as a result of meeting all the required conditions, the International Monetary Fund is expected to reach a staff-level agreement soon, after which the issuance of new loans by friendly countries and other international financial institutions will also begin. Ga and recovery of rupee value will be faster.
At the close of business, the dollar interbank rate closed at Rs 261.88, down 93 paise. Similarly, the open rate of the dollar closed at the level of 267.75 rupees with a decrease of 25 paise.
Apart from this, the price of gold per ounce in the international bullion market increased by 1 dollar to 1844 dollars, and the prices of gold per tola and per 10 grams increased by 500 rupees and 429 rupees respectively in the local exchange markets on Monday. As a result, the price of gold per tola increased to Rs 196,500 and the price of gold per ten grams increased to Rs 168,467.
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