PKR strengthens; PSX soars past 57,000 points as IMF deal boosts confidence

The Pakistani Rupee has strengthened against the US dollar, and the Pakistan Stock Exchange (PSX) surged past the 57,000-point level for the first time ever on Thursday following a successful review by the International Monetary Fund (IMF).

The benchmark KSE-100 index rose by 716.96 points or 1.26% and closed at a record high of 57,397.02 points, the highest level in PSX's history.

The positive market sentiment was bolstered by successfully completing the first IMF review for the 9-month Standby Agreement (SBA).

This development also impacted the Pakistani rupee, which experienced a recovery of over Rs0.76, settling at 287.38 against the US dollar in the interbank market.

On Wednesday, the rupee had depreciated 0.09% to settle at 288.14 against the US dollar.

The Pakistani rupee also showed recovery in open market as currency dealers said the local unit was being quoted at 289 for selling and 286 for buying purposes for customers.

Over the past 10 days, the PSX gained over 4,000 points, marking a 34% increase in the past year. The surge is attributed to early signs of economic recovery and the announcement of the forthcoming general election date.

Simultaneously, the rupee-dollar exchange rate rebounded, ending the previous 17 consecutive working days' downward trend.