PSX benchmark sheds over 900 points
The rupee fell to an all-time low against the dollar for the second day in a row on Tuesday, closing at Rs222 in the interbank market.
According to the Forex Association of Pakistan (FAP), the greenback was up Rs8.8, or 4 per cent, against the previous day’s close of Rs215.20 to reach Rs224 around 2:30pm.
However, it closed at Rs221.99, appreciating 3.1pc, according to the State Bank of Pakistan (SBP). After reaching a peak of Rs211.93 on June 22, the dollar started declining for a brief period and fell to a low of Rs204.56 on July 4. On Monday, the dollar had reported a record single-day appreciation in the interbank market to reach Rs215.20 from Rs210.95.
Meanwhile, the Pakistan Stock Exchange (PSX) witnessed intense selling pressure on Tuesday as the benchmark KSE-100 index lost over 900 points.
The market’s decline coincided with the rupee falling to an all-time low against the dollar for a second consecutive day.
According to the PSX website, the KSE-100 Index opened at 41,367.11 points and went up 176 points initially.
However, after 10:30am the bears took control and the market began sliding. At around 3:25pm, the index hit 40,313.78 points — a decline of 1,053.33 points or 2.55 per cent. The index closed at 40,389.07 points, down 978.04 points or 2.36pc.
