Rupee recovers against US dollar, PSX gains 500 points

KARACHI: The Pakistani rupee registered gains against the US dollar, appreciating 0.82 percent uring the opening hours of trading in the inter-bank market on Thursday.

At midday, the rupee was hovering at 278.02, an increase of Rs2.27, in the inter-bank market.

On Wednesday, the rupee sustained significant losses, as the currency depreciated 1.16 percent to settle at 280.29.

In the open market the Pakistani rupee registered improvement against the US dollar it on Thursday, as the local currency also strengthened in the inter-bank market.

Pakistani rupee loses more than Rs3 against US dollar in a single day

According to currency dealers  the rupee was quoted at 279 for selling and 276 for buying purposes for customers.

Bulls also returned to the Pakistan Stock Exchange (PSX), as the benchmark KSE-100 Index gained nearly 500 points, hovering near the 50,000 level during trading on Thursday.

At midday, the benchmark index was nearing the 49,931.30 level, an increase of 499.83 points or 1.01 percent.

On Wednesday, the KSE-100 Index closed lower by nearly 100 points to settle at 49,431.48 points, as investors opted to book profits in a volatile session.