In Friday’s financial developments, the US dollar exhibited a noteworthy gain of 17 paisas against the Pakistani Rupee, reaching a value of Rs279.50. Simultaneously, the PSX-100 index displayed a positive trajectory, surging by 323.97 points or 0.25 percent to establish a benchmark at 62,238.31. This uptick was attributed to investors’ cautious optimism regarding the recovery path, particularly in light of the power-sharing agreement among political forces in the Center, Punjab, and Balochistan.
Also Read: Rupee Gains Strength Against US Dollar For Fifth Consecutive Day
The backdrop of this economic fluctuation is marked by historical significance, as last year in August, Pakistan experienced an unprecedented devaluation of its currency, with the exchange rate surpassing 300 rupees against the US dollar for the first time.
The devaluation of the local currency raises concerns about the potential repercussions on everyday expenses, as consumers grapple with the persisting challenge of inflation, adding a layer of uncertainty to the economic landscape.
