10-gram rates jump Rs6,000 to Rs173,610.
Closes at record low of Rs262.6; analysts say substantial inflows received through formal channels after adjustment.
International market rate jumps to $1,936 after an increase of $11.
PKR closes at Rs255.43 per dollar in interbank; analyst says it is largest single-day decline since new system was introduced in 1999.
Benchmark index crosses 40,000 points barrier; analysts also attribute rise to reports of new refinery policy.
Ecap general secretary says association will raise the rate gradually, dollars only being sold to 'genuine buyers'.
Analysts say removal of unofficial cap on USD-PKR exchange rate makes it evident govt will fulfil IMF conditions.
ECAP chairman says cap "imposed in national interest has proven to be negative"; association to meet SBP deputy governor tomorrow.
"Failure to resume the IMF programme quickly may make today’s market rise fleeting only," says analyst.
Analyst says SBP governor's assurance of inflows to shore up forex reserves helped.
Benchmark index loses 1,379 points or 3.47pc to close at a 30-month low of 38,342 points.
Analyst says volumes were very low and buyer interest was absent.
Analyst says index opened under pressure "due to resurgence in political noise and uncertainty in Punjab politics".
The benchmark index had risen to an intraday high of 467.41 points but erased most of its gains afterwards.
Analysts term pledges made at Geneva moot "very encouraging", say it will give country breathing space for 6 months.
Analysts say apprehensions that USD accounts may be frozen have weakened investor confidence and created panic.
Analyst says market needs some "comfort" on the balance of payments position for the bounce to sustain.
Benchmark index crosses 40,000 points mark.
“The government has rightly come out with assuring statements but investors want to see words backed by action,” says analyst.
Analyst says there is no positive news on the political and economic fronts which is eroding investor confidence.