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Rupee stable against dollar

KARACHI: The rupee remained stable against the dollar at Rs110.2/110.4 in the inter-bank market on Thursday compared with Wednesday’s close of Rs110.2/110.4. In the last few weeks, the rupee has cumulatively shed over 4% of its value after the central bank reportedly abstained from intervening in response to the pressure being built due to a widening current account deficit. The State Bank of Pakistan has maintained that the slide in the rupee’s value is due to supply and demand dynamics of foreign exchange in the inter-bank market. While it has promised prompt intervention in case of speculative or momentary pressures, the central bank will sit on the fence and let “market-driven adjustment in the exchange rate to continue to contain the imbalance in the external account and sustain a higher growth trajectory”, according to a recent press statement. Market rumours suggest the move is part of IMF’s conditions for another bailout package.

 

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KARACHI: Stocks ended negative on Thursday as profit-taking dragged the benchmark index into the red zone to settle at the 43,400 level.

The KSE-100 Index opened upwards, but soon after investors resorted to book profits leading the index to plunge 683 points from its intra-day high of 43,824.02 points. Selling was witnessed in index-heavy oil and banking sectors. Despite a brief recovery, the index finished the day on a negative note.

The index touched a day’s high of 43,824 and low of 43,141 points before settling. Volumes remained higher with 319.5 million shares traded, but value of shares traded fell to Rs13.7 billion from Rs15.6bn on Wednesday.