She added that another reason was that the foreign portfolio investors have withdrawn about $14 billion from the Indian equity. We expect the pair to trade within a range of 79.60 and 80.30 on spot,” Anindya Banerjee, Vice President, Currency Derivatives & Interest Rate Derivatives at Kotak Securities Ltd, said.Īmid depreciation of the rupee against dollar, Finance Minister Nirmala Sitharaman said in the Lok Sabha on Monday that global factors such as the Russia-Ukraine conflict, soaring crude oil prices and tightening of the global financial conditions, were the major reasons for the weakening of the Indian rupee against the US dollar. Over the near term, bias continues to be upward. Strong demand for oil marketing companies kept the pressure on. Today rupee brushed aside all positive cues by way of strong equities and weaker dollar index. “USD-INR spot closed 9 paise higher 79.97, a whisker away from all time high near 79.99. The rupee hit Rs 79.99 during the intra-day trade and closed at Rs 79.97 against the dollar. Indian rupee: The week opened for Indian rupee on a weak note against the US dollar with the latter hardening against it. Stocks that contributed significantly to the volumes are WTL, KEL, TPLP, PRL and CLVLR. Average traded value decreased by 18.9 per cent to reach US$ 20.3 million as against $25.0 million. Volumes increased from 140.1 million shares to 151.4 million shares (+8.0 per cent DoD).
Sectors contributing to the performance include Banks (-127.6 points), Cement (-106.6 points), Fertilizer (-106.2 points), E&P (-69.1 points) and Technology (-67.9 points). The main board volumes remained dull although hefty volumes were observed in the 3rd tier stocks.
The market opened in the negative zone and remained under pressure throughout the day as investors opted for panic selling due to rupee devaluation against USD. Meanwhile, analysts at Arif Habib Limited said that the benchmark KSE-100 index witnessed a bloodbath session today over prevailing political uncertainty in the country. Will the coalition government announce early elections or not?” said Tariq.Īnalysts at Topline Securities commented that Pakistan equities commenced the week on a bearish note on the backdrop of increasing noise on the political front after the surprise clean sweep victory of PTI (Opposition party to the ruling coalition) in Bi-Election held in the biggest province of the country. “The market is looking for a direction, therefore investors are anticipating what would be the way forward. The analyst said that Sunday’s by-election results gave clarity but the market is awaiting a strategy going forward. Pakistan-Kuwait Investment Company Head of Research Samiullah Tariq cited import payment pressure and political uncertainty as the reason for the rupee’s hit, The News reported. The benchmark KSE-100 index of Pakistan Stock Exchange (PSX) ended 41,367 points from previous day’s closing of 42,075 points, showing a decline of 708 points. The Pakistan stocks lost 708 points on Monday as uncertainty resulted in a bloodbath session. Meanwhile, the benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) is also in the red with the bears dominating the proceedings of the bourse. On June 21, the rupee had closed at a record low of 211.48 against the greenback and since then the currency has remained volatile. The dollar is currently being sold for Rs215.25 in the interbank market, bringing the local currency to an all-time low. It remains to be seen where the local currency will settle at the end of the day’s trading. The rupee depreciated against the greenback by Rs4.3 during the intraday trade on Monday. The Pakistani rupee on Monday plunged to an all-time low of 215 against the US dollar in the interbank trade, according to the Exchange Companies Association of Pakistan (ECAP) as the ruling PML-N’s thrashing in the Punjab by-elections has triggered political uncertainty in the country, The News reported.
Pakistani stockbrokers monitor share prices during a trading session at the Pakistan stock Exchange PSX in Karachi.
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