PSX and Rupee Both Surge After Success in IMF Review – Business Market Update

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The Pakistan Stock Exchange’s benchmark index and rupee both saw gains on Thursday following the government and IMF reaching a staff-level agreement. The KSE-100 index closed at an all-time high of 57,397.02 points, up 1.26% from the previous close, while the PKR gained 0.26% against the dollar in the interbank market. The IMF funds, part of a nine-month bailout package, are subject to approval from the IMF’s executive board and will bring total disbursements to almost $1.9bn. The IMF had called for a return to a market-determined exchange rate and highlighted various risks, including geopolitical tensions and difficult global financial conditions. Today’s optimism followed a flat day at the market, with anticipation that the dollar would further depreciate in the future.

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