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The Pakistan Stock Exchange (PSX) (Urdu: پاکستان اسٹاک ایکسچینج), founded as Karachi Stock Exchange (KSE), is a stock exchange based in Karachi, Pakistan. [ 4 ] [ 5 ] PSX was classified by MSCI as a frontier market on 8 September 2021.
De Facto Classification of Exchange Rate Arrangements, as of April 30, 2021, and Monetary Policy Frameworks [2] Exchange rate arrangement (Number of countries) Exchange rate anchor Monetary aggregate target (25) Inflation Targeting framework (45) Others (43) US Dollar (37) Euro (28) Composite (8) Other (9) No separate legal tender (16) Ecuador ...
The spot exchange rate is the current exchange rate, while the forward exchange rate is an exchange rate that is quoted and traded today but for delivery and payment on a specific future date. In the retail currency exchange market, different buying and selling rates will be quoted by money dealers.
For instance, the quotation EURUSD (EUR/USD) 1.5465 is the price of the Euro expressed in US dollars, meaning 1 euro = 1.5465 dollars. The market convention is to quote most exchange rates against the USD with the US dollar as the base currency (e.g. USDJPY, USDCAD, USDCHF).
China lent Pakistan further 700 million dollars to shore up Forex reserves. [32] Pakistan's Consumer price index (CPI) further jumped to 31.5%, the highest annual rate in 50 years. [33] Also Fitch downgrades Pak's sovereign credit rating from CCC+ to CCC-. The New York-based ratings agency warned that a default could be a "real possibility". [34]
The Pakistani rupee depreciated against the US dollar until around the start of the 21st century, when Pakistan's large current-account surplus pushed the value of the rupee up versus the dollar. Pakistan's central bank then stabilized by lowering interest rates and buying dollars, in order to preserve the country's export competitiveness.
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Central banks can buy or sell foreign currency to influence exchange rates directly. For example, if a currency is depreciating, a central bank can sell its reserves in foreign currency to buy its own currency, creating demand and helping to stabilize its value. High levels of reserves instill confidence among investors and traders.