Rupee up by 41 paisa against dollar during intraday trading
(Web Desk)– The rupee recorded minor gains during intraday trading on Monday, the first trading session of the week, in the interbank foreign exchange market.
The local currency gained 41 paisas against the dollar as it was trading at Rs305.05 in the interbank market.
It is pertinent to mention that the local unit is at an all-time low in both open and interbank markets owing to a surge in imports after the previous government lifted all restrictions on the imports to meet the prerequisite conditions of the International Monetary Fund.
However, the caretaker government expects an increase in remittances from the next month, leading to some stability in the value of the rupee.
The external payments had also added to the pressure on the local unit as it plunged to a record low.
Meanwhile, the investors’ sentiments remained positive in the Pakistan Stock Exchange where the benchmark KSE-100 Index added 352.83 points, or 0.78% and was trading at 45,665.48 during intraday trading.
Similarly, the KSE-100 Index gained 131.80 points, or 0.82% as it was trading at 16,219.53 levels.