Dollar reaches all-time high of Rs152 in open market

Rupee’s depreciation against dollar continues

KARACHI: The US dollar continued its upward trend against Pakistani rupee in the open market after reaching an all-time high of Rs152.
Dollar, however, also increased in the interbank market and was traded at Rs149.64.
Experts believe that the sudden devaluation of local currency against the US dollar and the greenback hitting an all-time high of Rs152 is interlinked with the government’s commitments to the IMF.
Following the devaluation of Pakistani rupee, the country’s debt soared to Rs800 billion.
On the other hand, Pakistan Stock Exchange (PSX) witnessed bullish trend as KSE-100 index bounced by 83.92 points (0.25 percent) to close at 33,250points.
A total of 165,485,500 shares were traded, whereas the value of shares traded during the day stood at Rs6.086 billion.
As the trading commenced, negative trend later dominated the market, while the benchmark KSE 100-share Index had recorded a significant reduction of 800 points.
Pakistan is believed to have adopted stringent demands under the International Monetary Fund (IMF) $6 billion bailout package. According to economists, the PTI-led government will need to perform vigilantly and persistently to recover from the economic crisis.


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