US dollar drops to Rs290.86

KARACHI: The Pakistani rupee continued its upward trajectory against the US dollar on Monday, and closed at Rs290.86.

The gap between the interbank rate and the dollar’s value has further narrowed as the US dollar depreciated by 90 paisas.

Interbank closing #ExchangeRate for today https://t.co/Yokn6FlUq5#SBPExchangeRate pic.twitter.com/wMTTSaWu4K

— SBP (@StateBank_Pak) September 25, 2023

Read more: Stock market: midday status of KSE-100

Separately, The Pakistan Stock Exchange (PSX) continued its positive momentum from the past week earlier on Monday, but quickly drifted downwards by the midday.

Opening at 46,421.15 points, the index posted a minor gain to 46,590.26 points. However, part of these gains eroded by 11 a.m. when the benchmark KSE-100 index touched the lowest of the morning at 46,364.76 points. By midday, the trading movement had moderately recovered to 46,385.22 points, but still remained lower than the opening.