The Pakistani rupee has fallen to an all-time low against the US dollar, closing at Rs222 in the interbank market.
The dollar was up Rs8.8 against Monday’s close of Rs215.20 to reach Rs224 around 2:30pm today. However, it closed at Rs221.99, appreciating 3.1 per cent, according to the State Bank of Pakistan (SBP).
The rupee lost significant ground in the backdrop of continuing political instability and poor economic situation.
Moreover, the Pakistan Stock Exchange (PSX)’s benchmark KSE-100 index shed over 900 points.
The KSE-100 Index opened at 41,367.11 points and went up 176 points initially. However, after 10:30am the market began sliding. At around 3:25pm, the index hit 40,313.78 points. Later, the index closed at 40,389.07 points, down 978.04 points or 2.36 per cent.
Arif Habib Corporation’s Ahsan Mehanti said that “the depreciation of the rupee is affecting the stock market”.
He said that pressure on the market would persist in the near future. “We have seen intense selling of blue chip stocks today, the effects of which are now visible,” he added.
Earlier on Monday, the KSE-100 index had shed 770 points in intra-day trading. The capital market came under renewed pressure in the wake of “political and economic uncertainties in Pakistan,” an expert had said.
