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Pakistani stocks close lower, rupee steady

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The Karachi Stock Exchange.—Reuters/File Photo

KARACHI: Pakistani stocks closed lower on Friday, pushed down by unconfirmed media reports that the head of the Securities and Exchange Commission had been removed from his post, dealers said.

The Karachi Stock Exchange’s (KSE) benchmark 100-share index ended 0.27 per cent, or 50.27 points, lower at 18,714.28 points.

Pakistan’s central bank said on Friday it was leaving its key policy rate unchanged at 9.5 per cent.

The State Bank of Pakistan said it faced two main challenges in reaching a policy decision: “to manage the balance of payment position and to contain the possible increase in inflation.”

In the currency market, the rupee ended almost steady at 98.21/98.26 against the dollar.

Overnight rates in the money market remained flat at 9.40 per cent.

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