The rupee halted its 17-session losing streak against the dollar, and concurrently, the Pakistan Stock Exchange (PSX) surpassed the 57,000-point mark during intraday trade.


Following the recent staff-level agreement between Pakistan and the International Monetary Fund (IMF), the Pakistan Stock Exchange's (PSX) key KSE-100 index experienced a significant surge, surpassing 57,000 points. Concurrently, the Pakistani rupee exhibited a recovery against the US dollar in intraday trading within the interbank market.



Just a day prior, Pakistan successfully concluded a staff-level agreement with the IMF pertaining to the first review of a $3 billion bailout package. Upon receiving approval from the Fund's Executive Board, Pakistan is poised to access approximately $700 million, bringing the total disbursements under the program to nearly $1.9 billion, as stated in an announcement by the IMF on Wednesday.


In the currency market, the Pakistani rupee put an end to its 17-session losing streak by gaining 2.14 against the US dollar. During intraday trading, it is now being traded at Rs286 against the greenback in the interbank market, marking a notable improvement from the previous close at Rs288.14 on Wednesday.



Simultaneously, the benchmark KSE-100 Index at the PSX achieved a noteworthy milestone by surpassing 57,000 points around 10:20 am, reflecting positive market sentiment following the developments.