PKR touches all time new low; 100 index up by 757

October 20, 2021 (MLN): Making another new low with almost every passing day, the Pakistani Rupee (PKR) fell to an all-time low in an intraday trade on Wednesday in the interbank market against the USD Dollar amid a current account deficit of $1.11 bn recorded in Sept’21.

On the second day of the trading week, the local currency has depreciated by 57 paisa to an all-time new low of 173.35 (11:41 PST) when compared to the previous day’s close of 172.78 against the greenback.

According to the early morning Tweet of Asad Rizvi, the Former Treasury Head at Chase Manhattan, the economy is facing a series of tough events. The current account deficit is still a challenge and the International Monetary Fund (IMF) announcement could give some breathing space.

“However, FATF will keep the market on its toes until the clearance is obtained after the presentation of review performance,” he added.

While on the equity front, the benchmark KSE-100 index has gained 757 points [11:37 PST] so far in intraday trade and is currently trading at 45,387.20 as the positive development uplifted the investors' sentiments.

It is worth mentioning that the talks between IMF and the government of Pakistan on the Sixth Review of the $6 billion Extended Fund Facility (EFF) have progressed to a “very good step”.

Cement, Commercial Banks and Technology & Communication sectors have witnessed huge buying activity as they gained 187.35, 146.34, and 101 points respectively so far.

Company-wise, the scrips of CHCC, DGKC, FCCL and ABL have observed the maximum gains.

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