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Dollar continues downward slide against rupee for eighth consecutive session

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  • Rupee gains Rs1.65 in interbank market.
  • It closes at Rs225.64 against dollar. 
  • FinMin Ishaq Dar assured masses he would bring dollar value below 200.

KARACHI: The Pakistani rupee on Tuesday maintained its ground for the eighth consecutive session against the dollar since Ishaq Dar took charge of the Finance Ministry. 

The local unit gained Rs1.65, or 0.73%, in the interbank market, managing to settle at Rs225.64 against the greenback. 

According to the State Bank of Pakistan, the local currency closed at Rs227.29 against the dollar in the interbank market on Monday. 

The greenback has lost nearly Rs14 against the local currency since September 22.

Due to the depreciation of the dollar, Pakistan’s debt has decreased by Rs1.7 trillion.

A day prior, Finance Minister Ishaq Dar assured the masses that he would bring the dollar value below 200 with the help of his policies.

“The actual value of the Pakistani rupee is less than 200 against the greenback and it will be brought down as it is currently undervalued,” he said during Geo News‘ programme “Capital Talk.”

He mentioned that the dollar value is strong internationally, but “we will bring it down below 200 against our currency soon.”

He has strongly favoured intervention in currency markets in three previous stints in the job and is also expected to strengthen the currency. 

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SIFC-Assisted OGDCL Commences Gas Production in Uch Every day, OGDCL contributes 5 million SCF to the national grid.

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The chronic gas deficit is being addressed by Oil & Gas Development Company Limited, which produces 5 million standard cubic feet of gas each day.

In the Uch region of the Dera Bugti District of Balochistan, Oil & Gas Development Company Limited has started producing gas with the assistance of the Special Investment Facilitation Council.

The company used its technological abilities to drill a well and successfully find gas at a depth of 1,345 meters.

An improvement in the energy industry is the company’s enhanced financial performance, which has resulted in a profit of 41.02 billion rupees.

In order to promote sustainable growth and strengthen national energy security, Oil & Gas Growth Company Limited is still committed to growing production.

Together with the Special Investment Facilitation Council, OGDCL’s strategic initiatives are essential to the energy sector’s future.

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The KSE-100 Index surpasses 102,000 points as the PSX begins the week on a high note.

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For the first time in recent memory, the benchmark KSE-100 Index broke beyond the 102,000 point level, kicking off the new trading week on a high note for the Pakistan Stock Exchange (PSX).

The index rose 835 points as of the morning session, hitting a new high of 102,192 points with an intraday peak of 102,288 points.

After a strong close to the previous week, when the index closed at 101,357 points, the PSX has continued its recent bullish performance with this upward trajectory.

Growing investor optimism has propelled the market’s rally, which has been supported by improved macroeconomic conditions, declining bond yields, and the ongoing flood of foreign capital into stocks.

The PSX has been strong because of a number of important elements. Since May 2024, the State Bank of Pakistan has lowered interest rates by a total of 700 basis points, which has improved market sentiment.

Mutual funds have invested more than $132 million in Pakistani stocks since January, indicating a move in investor preferences away from bonds and toward stocks.

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NMDA Humanitarian Aid: Damascus Receives 21st Shipment of Aid for Gaza and Lebanon

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Following a chartered flight from Nur Khan Base yesterday, the 21st shipment of humanitarian aid for war-affected and displaced persons in Gaza and Lebanon has successfully landed in Damascus. The shipment contained 17 tons of relief supplies provided by NDMA.

Pakistan’s ambassador in Damascus, Air Marshal (R) Shahid Akhtar, accepted the aid.

In regards to aiding the war-torn populations of Palestine and Lebanon, the Government of Pakistan is unwavering in its resolve.

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