KARACHI: The Pakistani rupee registered a marginal improvement against the US dollar, appreciating 14 paisas in the inter-bank market on Friday.
At the last day of the trading week, the currency settled at 277.60, a gain of 14 paisas against the greenback.
Experts opined that the rupee’s value is stable due to the increase in domestic dollar reserves and remittances.
The Pakistan Stock Exchange (PSX) also continued its momentum as investors responded positively to reported progress in ongoing talks with the global lender.
A buying momentum was witnessed at the PSX’s benchmark KSE-100 Index gaining by 594 points to hover at record breaking level of 94,786 points, surpassing the previous 94,068 points threshold.
The stock market’s uptick trajectory started early at the closing business day as the KSE-100 Index experienced a steady rise.
The surge reflects investor optimism around a potential International Monetary Fund (IMF) agreement, which could bring greater fiscal stability and support to country economy.
Experts said that lower interest rates and controlled trade deficits are also the main key factors in the positive momentum to the market.
The IMF team, led by its mission chief Nathan Porter on debt, is in Pakistan for five-day official visits to review Pakistan economic reforms.
Yesterday, Pakistan’s economic team and the global lender team agreed that there would be no mini-budget and no general sales tax on petroleum products on Wednesday.
According to sources, the government’s economic team has assured the IMF that the agricultural tax will be collected from next year.
The IMF Mission was briefed on Gross Financing and Debt Maturity, with detailed discussions on domestic debt during the negotiation sessions.
