The Pakistani rupee appreciated by 27 paisas against US dollar in the interbank market on Friday on last trading day of the current business week. The greenback is currently being traded at Rs285. The local unit went down 0.05 percent in the interbank market, closing the day at Rs285.27 with a decrease of 66 paisas. PSX 100-index hits another milestone, crosses 59,000 benchmark Pakistan’s foreign exchange reserves witness massive weekly decline The stock market is in the midst of a strong November rally, and, the gains could last through year-end ‘thanks’ to an IMF standby agreement and announcements of general elections polls date. The KSE PSX 100-index started with a record positive business in the Pakistan Stock Exchange as it gained by record 322 points to reach a new milestone of 59,222 points. Pakistan’s foreign exchange reserves experienced a decline, with the State Bank of Pakistan (SBP) witnessing a weekly decrease of $217 million, marking a total of $7.2 billion as of November 17. The country’s liquid foreign reserves, including net reserves held by commercial banks, reached $12.3 billion.

Credit: Independent News Pakistan (INP)