Rupee gains marginally against the dollar

The US dollar on Wednesday lost nine paisas against the Pakistani Rupee, the next day after political forces—PMLN, PPP, PTI, PML, and MQM—announced to form a unity government in the center, ending the political uncertainty over the Elections 2024 results.

At midday, the rupee was hovering at 279.20, an increase of Re0.11 against the greenback in the inter-bank market.

On Tuesday, the rupee registered a marginal gain to settle at 279.31 against the US dollar, according to the State Bank of Pakistan (SBP).

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The formation of the new government gave investors confidence in solid policy making including talks with the IMF for last tranche of loans.

On the other hand, the Pakistan Stock Market PSX-100 index recovered after three days of continuous decline and witnessed a bullish trend in the stock market since morning with an increase of 700 points on Wednesday.