Dollar gains against rupee; KSE-100 Index barely stays in green zone
April 16, 2020 06:39 PM
The US dollar grew even stronger against the rupee on Thursday after gaining three paisas in inter-bank trading and 20 paisas in the open market.
By the time trading was closed for the day, it was available for Rs166.98 in inter-bank exchange after starting the day at Rs166.95. The rate in the open market was Rs167 against the previous day’s level of Rs166.80.
Meanwhile, the pound sterling gained two rupees in the open market before closing at Rs208. However, the pound lost 79 paisas in inter-bank rate as it was available for Rs208.94.
On the other hand, the KSE Index somehow again managed to remain in the green zone after closing the day at 31,329.46.
It gained 87.27 points after starting the day from the level of 31,242.19 on a day during which 95,249,563 shares were traded in the Pakistan Stock Exchange.
The market witnessed losses in early trading as it reached the level of 31,016.41, but it made some recovery while managing to return to and stay in the positive territory.
Although the end result was the same, the stock market, in contrast, had gained 460.24 points during early trading on Wednesday but later suffered losses. However, it floated in the green zone while managing to avoid further downward movement.
By the end, the index stood at 31,242.19 as it was up by only 19.45 points after starting the session from the previous level of 31,222.74.
The two consecutive days of skipping overall negative result by hardly managing the gains of a few points is a reflection of a long-term trend based upon lack of confidence and the growing instability in financial markets.