Pakistani rupee bounces back after SC ruling

KARACHI, April : The Pakistani rupee bounced back on Friday to gain 0.93 paisa against the US dollar in intra-day trading after Supreme Court declared the NA deputy speaker ruling unconstitutional and restored National Assembly.

According to foreign currency dealers, the US dollar is trading at Rs187.25 after depreciating Rs0.93 against the local currency in early trade.

In the open market, however, the dollar is trading at over Rs188.

The rupee had closed at Rs188.18 against the dollar in the interbank market on Thursday.

On the other hand, the benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) on Friday reversed its bearish trend soon after its opening and surpassed 44,000 mark, a day after the Supreme Court of Pakistan nullified the deputy speaker’s ruling against no-confidence motion.

The benchmark KSE-100 index gained 411 points as trading continued at 44, 198 in the PSX.

The stock market is being under pressure from Monday when it fell like a house of cards and lost over 900 points amid country’s current political crisis that erupted with National Assembly deputy speaker deeming the no-confidence resolution against Prime Minister Imran Khan “unconstitutional”.