The Pakistan Stock Exchange (PSX) witnessed a remarkable surge as the KSE-100 index soared beyond 50,500 points, a significant threshold previously attained in May 2017.
Reports confirm that the momentum is sustained and notably heightened, with the KSE-100 index accruing an additional 207 points to trade at a commanding 50,572 points.
Historic Highs Amid Economic Optimism
Analysts are abuzz as the PSX benchmark KSE-100 index punctured the 50,000 ceiling, a feat not achieved in the last six years. The economic corridors are pulsing with excitement as the index not only breached this psychological barrier but leapt an impressive 600 points during intraday trading, consolidating its position at 50,025 points. This breakthrough, notably surpassing the 50k mark last observed on June 07, 2017, heralds a period of potential economic resilience and investor confidence.
Pakistani Rupee Stages a Comeback
In a concurrent economic development, the Pakistani rupee reclaimed its footing against the US dollar in the vigorous interbank market. Following a temporary setback where it conceded Rs1 to the dollar, the rupee made a decisive turnaround, appreciating by Rs1.96. Currency traders acknowledged the rupee’s bullish stance at Rs278.30 against the dollar in interbank transactions. This robust performance extended to commercial dealings, with banks proposing the dollar to importers at a competitive Rs278.80, underscoring the rupee’s recovery trajectory. The local currency fortified its position in the open market, registering a Rs1 ascendancy against the dollar.
