Dollar falls by Rs1.91 as KSE-100 index gains over 1200 points
KARACHI 992 News) – The rupee rebounded sharply on Wednesday morning after the dollar fell after the report that Pakistan secured a $12 billion aid package from the Saudis.
The dollar traded at Rs132 in the opening hours of the interbank market, down Rs1.9 from the previous day’s closing rate of Rs133.9. The Pakistan Stock Exchange registered gains, as its benchmark KSE-100 index surged by 1,227 points to reach 38942.53 points.
The index gained by 3.26 per cent as the market opened on Wednesday, a day after Saudi Arabia has announced a US$12 package for Pakistan in three years during Prime Minister Imran Khan’s visit to the kingdom.
On Tuesday, according to a press release issued on Tuesday, Prime Minister Imran Khan visited Saudi Arabia on the invitation of the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz to participate in the Future Investment Initiative (FII) Conference on October 22-23.
The Crown Prince agreed to the prime minister’s suggestion to reduce visa fee for Pakistani workers, which is a significant step towards enhancing Pakistan’s workforce in Saudi Arabia, as well as facilitating travel of people from both countries. Far-reaching decisions on bilateral economic and financial cooperation were also agreed.