The dollar has been fluctuating throughout the week, the stock market was slightly bullish in 2 sessions last week, bearish in 3 – (Photo file)
Karachi: Despite the disbelief of the IMF and the fulfillment of all the required conditions, the dollar continued to fly last week due to the delay in the staff agreement with Pakistan.
The dollar remained volatile after the IMF made the deal conditional on $6 billion in deposits from friendly countries, which had crossed Rs 282 to the dollar in weekly trade. The dollar fluctuated throughout the week, but the flight of the pound and the euro was also very rapid.
The dollar broke at the end of the week on hopes of an increase in remittances from overseas Pakistanis during the month of Ramadan, and the rupee was supported by foreign exchange reserves increasing for the fifth consecutive week.
In the weekly business, the interbank rate of the dollar crossed 281 rupees, while the open rate of the dollar also increased to the level of 285 rupees. During the weekly trade, the value of the dollar rose by 38 paise to close at Rs 281.71 in the interbank market, while the value of the dollar rose by Rs 2 to close at Rs 285 in the open market.
The interbank rate of the British pound increased by Rs 6.49 to Rs 342.15 while the value of the British pound increased by Rs 7 to Rs 302 in the open market.
Meanwhile, the Pakistan Stock Exchange remained bearish with limited volatility last week due to the persistence of political unrest at the domestic level and the eyesore over the IMF’s loan program.
Despite the Finance Ministry’s claims, the lack of an agreement on staff levels with the IMF last week added to the frustration among investors, while investors remained cautious due to fears of another one percent increase in interest rates in the new monetary policy in the first week of next month.
During the weekly trade, oil, gas, OMCs, banking sector were under profit taking. Some positive economic indicators also led to limited bullishness in some sessions. Due to the overall decline, the index fell to the limits of 41700, 41600, 41500, 41400 points. Last week there was slight bullishness in 2 sessions and bearishness in 3 sessions.
Due to the overall recession, 63 billion 36 billion 14 lakh 36 thousand 258 rupees of investors were sunk, due to which the total capital of the market also decreased to 63 trillion 19 billion 91 crore 64 lakh 60 thousand 852 rupees.
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