Karachi: During early trading on Tuesday, the Pakistani rupee gained 0.04% in the interbank market, indicating a modest increase against the US dollar.
The currency was worth 277.75 at 11:00 AM, which was Re0.11 more than it had been the day before.
The buying rate was Rs 356.75, while the selling price of the British pound (GBP) was Rs 357.39.
The buying price of the Swiss franc (CHF) was Rs315.20, while the selling price was Rs315.77.
The selling price of the Canadian dollar (CAD) was Rs199.60, while the buying price was Rs199.24.
As the week progressed, the Australian dollar (AUD) was worth Rs 182.35 to buy and Rs 182.35 to sell.
Gulf currencies’ exchange rates are closely monitored. The price of the United Arab Emirates dirham (AED) was Rs76.15 for purchase and Rs76.29 for sale.
Also read: Today’s Exchange Rates in Pakistan
The rate of the Saudi riyal (SAR) was Rs73.96 for purchasing and Rs74.09 for selling.
Meanwhile, the Qatari riyal (QAR) sold at Rs76.41 and bought at Rs76.27.
However, the Kuwaiti dinar (KWD) outshone the others with a selling price of Rs 905.87 and a buying price of Rs 904, making it one of the most expensive currencies in the market.
In the interbank market, the value of the Pakistani rupee fell by Rs0.12 to Rs277.86 versus the US dollar on Monday as worries over a possible $2.5 billion deficit in foreign funding in the current fiscal year intensified.
This marks the resumption of a downward trend at the beginning of the new week. According to the State Bank of Pakistan’s (SBP) data, the rupee had closed on Friday at Rs277.74/$ with a day-on-day recovery of Rs0.16 from the seven-week low of Rs277.95/$ hit on Thursday.
The local currency depreciated by Rs0.03 per day on the open market, finishing at Rs278.77/$, according to the Exchange Companies Association of Pakistan.
When a review mission from the International Monetary Fund (IMF) arrived to provide an early evaluation of Pakistan’s economy as part of a $7 billion loan program, the rupee experienced considerable pressure. March 2025 was the original date for the first economic review.
The $2.5 billion shortfall in foreign finance for fiscal year 2024–2025, which increased pressure on the rupee, was the reason the IMF team traveled to Pakistan.
It is anticipated that creditors like Saudi Arabia, the United Arab Emirates, Qatar, and China will assist in bridging the gap. Nevertheless, unless the funding deficit is closed, the rupee can see further pressure.
Also read: IMF mission enters into serious talks with Pakistan on grey areas
Meanwhile, the All Pakistan Saraf Gems and Jewelers Association reported that gold prices decreased from Rs 1,300 to Rs 277,500 per tola (11.66 grams) in line with the global trend. The precious metal dropped $13 to $2,670 per ounce (31.10 grams) in the international market.
Blue-chip stocks propelled the Pakistan Stock Exchange (PSX) to a new all-time high of 93,648 points yesterday as investor optimism increased due to the news of the upcoming privatization of state-owned enterprises (SOEs) and overseas interest sparked by the updated MSCI index weight for Pakistan.
Buying activity was further boosted by a stable currency and falling bank lending rates after a decline in government bond yields.
Ahsan Mehanti, Managing Director of Arif Habib Corp, said, “Stocks reached a new all-time high, led by blue chips, on the IMF’s calls for privatization of SOEs and expected foreign interest after revision in the MSCI standard index weight to 4.4%.”
The stability of the rupee and the decline in bank lending rates after a decline in government bond yields, he continued, were the main drivers of bullish activity at the PSX.
The benchmark KSE-100 index increased by 356.64 points, or 0.38%, to 93,648.33 at the end of trade.
As investors adopted a directional approach, propelled by lower valuations in the pharmaceutical sector, Topline Securities noted that the market demonstrated positive momentum, with the KSE-100 index peaking at 94,020 and falling to 93,319 points.
Positive contributions from Abbott Laboratories, The Searle Company, Pakistan Petroleum Limited (PPL), Oil and Gas Development Company (OGDC), and GlaxoSmithKline raised the index by 399 points.
Topline added that with 815 million shares traded, worth Rs37 billion, trading activity remained strong.
Also read: IMF Delegation arrives Islamabad to discuss modalities of minibudget
As to AHL’s analysis, the KSE-100 index gained 0.4% daily, indicating that the exploration and production (E&P) sector and Sui firms had a great session.
51 shares rose, while 46 declined, where OGDC (+3.25%), PPL (+2.73%), and Abbott Laboratories (+9.74%) emerged as the top contributors to the index gains. Pharmaceutical stocks were also in demand, with most names reaching their daily price limit, it said.
With an all-time high trading volume of 78 million shares, Sui Southern Gas Company (+10%) and Pak Elektron (+8%) saw notable swings.
Attock Refinery (-4.04%) denied recent market rumors of a possible sale of the company in a note sent to the PSX. Up 9.5% per day before the clarification, the refinery was trading higher.
According to AHL, the market’s sector rotation was evident, and the impetus was still strong, with short-term support at the 92,000 mark.
Mubashir Anis Naviwala, an analyst at JS Global, reported that the PSX had a tumultuous session, reaching a record intra-day high of 94,020 points before profit-taking took over and the market fell back to 93,319 points.
Despite this, the market mood remained positive due to the increased demand for E&P and pharmaceutical companies. At the end of the day, the KSE-100 index gained 357 points and finished at 93,648.
The analyst said, “Moving forward, we recommend a buy-on-dips strategy, with a focus on E&P, pharmaceutical and fertilizer sectors, which are poised for a potential upside.”
The total number of shares traded rose to 815.2 million from 763.3 million on Friday. A total of Rs37.3 billion worth of shares were traded during the day.
A total of 454 firms’ shares were traded. 227 of these stocks ended the day higher, 184 lower, and 43 unchanged.
Also read: PSX KSE-100 Index Achieves New Record
Cnergyico PK led the volume with 98.6 million shares traded, closing at Rs4.52 after earning Rs0.4. K-Electric, with 70.2 million shares, gained Rs0.14 to conclude at Rs4.98, and Pak Elektron, with 78.1 million shares, gained Rs2.15 to close at Rs29.01.
Foreign investors sold shares worth Rs18.2 million throughout the day, the NCCPL reported.
