Rupee weakens after Pakistan’s stock exchange closed lower
Wednesday, October 9th, 2013 10:54:17 by Ahmad Mehdi
Pakistan suffered another knock in terms of stock market after the main stock exchange closed lower on Monday. The benchmark 100-share index of the Karachi Stock Exchange is falling 1.00 per cent (221.11 points to 21,864.85).
The selling in the banking stocks also showed a decrease because State Bank of Pakistan increased the minimum Profit and Loss Sharing Saving Account rate. Some profit taking dealers said that PLS is not going in their favour and the sole reason in the State Bank of Pakistan.
On the other hand, another loss was picked up by the owners of Bank of Punjab as it fell 2.00 percent to 10.77 rupees. The National Bank of Pakistan was down 0.35 per cent and reached 48.57 rupees.
Something that shocked everyone was the fact that rupee ended weaker as compared to before. Dollar has already picked up a lot of price in Pakistan and on Monday the rupee rose from 106.17 to 106.22 against the dollar. Before the weekend the rupee was 105.12/105.18 against the dollar.
The overnight rates in the money market did not change at all and they remained flat at 9.40 per cent.
Short URL: https://www.newspakistan.pk/?p=41909
Posted by Ahmad Mehdi
on Oct 9 2013. Filed under Pakistan.
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