The value of the US dollar continued to climb in the interbank market on Thursday, with dealers reporting an increase of 10 paisas, bringing the dollar to Rs278.50.
Globally, the US dollar hit a two-week high against its main rivals on Thursday as demand for safe-haven assets and a collapse in US Treasuries increased the currency's appeal.
After the US dollar jumped 15 basis points above the 4.6% long-term Treasury yield in two days, it pushed to a two-week high against the euro and continued its recovery from a more than two-month low against sterling.
Moreover, following two days of decline, the Pakistan Stock Exchange (PSX) witnessed a significant resurgence today. The KSE-100 index surged by 315 points, surpassing the 75,000-point milestone to close at 75,152 points. Later reports indicated an even higher peak, with the index reaching up to 75,300 points after gaining 462 points before stabilizing.
On Wednesday, the Pakistan Stock Exchange (PSX) experienced significant fluctuations today, with the KSE-100 Index reflecting a volatile trading environment.
Initially, the market opened on a positive note, with the KSE-100 Index rising by 100 points, reaching 75,620 points. However, this upward momentum was short-lived, as the index later plummeted by 170 points, settling at 75,345 points.
