In Islamabad, the Pakistani rupee has shown resilience by marking an improvement against the US dollar. On the opening day of the week, despite facing turmoil at the Pakistan Stock Exchange (PSX) due to delayed election results, the rupee experienced a slight rise.
According to the latest data from currency exchange markets, the rupee is now trading at 279, gaining Rs0.34 against the dollar.
Over the past week, the rupee’s value fluctuated, eventually stabilizing at 279.34 against the US dollar in the inter-bank market. This came amidst a backdrop of the February 8 elections, which, despite the participation of 128 million voters, ended in controversy and claims of vote manipulation.
On the flip side, the Pakistan Stock Exchange didn’t fare as well. The start of the business week saw the PSX taking a significant hit, with the 100 Index plummeting by 1,338 points, landing at 61,605 points.
This decline continues the trend of volatility observed post-election, where an initial drop of 2,300 points was somewhat mitigated to a 1,200-point decrease by the day’s end. Concurrently, the US dollar saw an uptick in its value in the interbank market last week.
Despite the challenges faced on the economic front, particularly with the PSX’s downturn, the Pakistani rupee slight gain against the US dollar presents a silver lining.
The financial landscape remains unpredictable, with political events heavily influencing market dynamics.