Pakistan Stock Exchange Remains Stable as Dollar Weakens Further

Stability continued at the Pakistan Stock Exchange (PSX) as the local currency gained strength following a further decline in the US dollar in the exchange market.

On the third day of the business week, the stock market opened on a positive note. During the early trading session, the benchmark 100 Index gained 376 points, pushing the index up to 171,450 points.

The market had also closed higher in the previous session, reaching record levels during trading. However, profit-taking toward the end of the day led to a slight pullback in the index by the close of business.

Meanwhile, the US dollar extended its downward trend in the interbank market. The greenback slipped by an additional 4 paisas, bringing the interbank exchange rate down to Rs 280.17, strengthening the Pakistani rupee.

Market analysts believe that improved investor confidence and relative stability in the currency market are contributing to the positive momentum in equities.