US Dollar Decline Continues as Pakistan Stock Exchange Reaches Record High

The US dollar continued its downward trend on Monday, marking the ninth consecutive day of depreciation in the exchange market. The currency lost another 4 paisas and was trading at Rs277.80 at the start of the business day, according to currency dealers. This sustained decline highlights the broader challenges facing the currency amidst ongoing economic uncertainties.

In other currency updates, the British pound was being bought at Rs367.5 and sold at Rs368. The Euro continues to trade at Rs308, while the Saudi Riyal is trading at Rs74.8, and the Bahraini Dinar at Rs735.

Amid these developments, the Pakistan Stock Exchange (PSX) experienced a significant surge, reaching an all-time high. The KSE-100 index jumped by 333 points, climbing to a record 82,407 points. Analysts attribute this rally to positive market sentiment and optimism about economic stabilization.

Meanwhile, the federal government hinted at the possibility of introducing a mini-budget during the current financial year. Minister of State for Finance Ali Parvez Malik, in an interview, indicated that while the government does not favor this approach, they may be forced to consider it to meet the International Monetary Fund’s (IMF) targets. The prospect of a mini-budget has raised concerns about further taxation measures that could affect various sectors of the economy.