During previous day’s trading, the index, which fluctuated throughout the day, settled at 85,453.22 points, marking a 0.25% decline. Trading volume on the all-share index fell to 503.75 million shares, with PTCL leading at 52.24 million shares traded.

Bulls returned to the PSX as the State Bank of Pakistan (SBP) injected Rs8,623.85 billion into the market through a reverse repo purchase Open Market Operation (OMO).

According to OMO results, the SBP conducted an Open Market Operation, Reverse Repo Purchase (Injection) on October 11, 2024, for 7-day and 28-day tenors and accepted 38 bids cumulatively amounting to Rs8,623.85 million.

The central bank received 23 bids for a 7-day tenor cumulatively offering an amount of Rs3,722.7 billion at the rate of return ranging between 17.56 to 17.62 percent while 15 bids amounting to Rs4,901.15 billion were received for the 28-day tenor at the rate of return ranging between 17.56 to 17.63 %.

The central bank accepted all 23 bids for 7-day tenor and 15 quotes for 28-day tenor at a 17.56% rate of return.

Meanwhile, SBP also conducted Shariah Compliant Mudarabah-based Open Market Operation for the 7-day and 28-day tenors but no bid was received for both the tenors.

Meanwhile, Pakistani rupee gained 16 paisa against the US dollar in the interbank trading and closed at Rs277.63 on Friday, according to the Forex Association of Pakistan (FAP).

The previous day’s closing was Rs277.79. The buying and selling rates of the dollar in the open market stood at Rs278.25 and Rs279.75 respectively, the association said.

The State Bank of Pakistan (SBP) said the price of Euro increased by 25 paisa to close at Rs303.94 against the last day’s closing of Rs303.69.

According to FX Street, the US dollar stabilized on Friday after a very solid rally this week, with the rate differential becoming the main driver. The question going forward for next week will be if this upward move in US Treasury rates was a bit overdone, seeing the US Consumer Price Index (CPI) only marginally ticked up in September compared to the previous month, it added.

This contradicts what several Federal Reserve (Fed) officials have said this week, that US rates will go lower with more interest rate cuts from the Fed confirmed. The economic calendar is facing this week s last pieces of the puzzle. The US Producer Price Index (PPI) release for September will reveal whether the uptick in inflation is also noticeable on the production side. The last data point will be the preliminary reading from the University of Michigan on Consumer Sentiment and inflation expectations for October, according to the report.

The exchange rates of the Emirates Dirham and Saudi Riyal decreased by 05 paisa each to close at Rs75.58 and Rs73.93 respectively.