Interbank closing: Pakistani rupee ends week at Rs284.31 versus US dollar

WEB DESK: The Pakistani rupee (PKR) continued its downward trend against the US dollar, dropping by Re0.88 on Friday, according to the State Bank of Pakistan. The rupee closed at Rs284.31 in the interbank market.

Throughout the week, the PKR depreciated by 3.74 rupees against the US dollar, settling the week at PKR 284.31, compared to the previous week’s closing of PKR 280.57 per USD.

Interbank closing #ExchangeRate for todayhttps://t.co/6d8DAW2nWg#SBPExchangeRate pic.twitter.com/kbazNtev9d

— SBP (@StateBank_Pak) November 3, 2023

During today’s session, the domestic currency saw an intraday high (bid) of 284.5 and a low (ask) of 283.6, closing with a loss of 88.74 paisa.

On the other hand, the Pakistan Stock Exchange’s KSE-100 index maintained its bullish trend on Friday, crossing the 53,000 barrier and reaching an all-time high.

The benchmark stock index hit a record intra-day high of 53,263.07, rising 1.15 per cent from the previous close before settling back slightly. This was the highest level since May 25, 2017.

Read more: This European solar-powered car costs less than Rs1.8 million

Arif Habib Limited reported that the market reached unprecedented all-time high levels, surpassing previous records and marking a new era of financial excellence.

Despite political and economic challenges, the KSE-100 index has gained over 30 per cent this year, with a turnaround in fortunes following the IMF’s approval of a $3 billion loan programme in July to avert a sovereign debt default.