The PKR remained under pressure on Monday, depreciating by Rs1.26 against the dollar in the interbank market. Data shared by the State Bank of Pakistan showed the local currency closed at Rs221.92 per dollar, down 0.57 per cent.
Meanwhile, Exchange Companies Association of Pakistan (Ecap) General Secretary Zafar Paracha said the rupee’s depreciation was contradictory to market expectations.
He also said that the destruction of crops would lead to a higher import bill, and in turn, a higher current account deficit.
“We have not received good news from the IMF yet. The agreements with friendly countries are all linked to the IMF,” he noted, adding that sentiments had soured because of the political tension between the federal and provincial governments in light of Jhagra’s letter.
Meanwhile, the KSE 100-index of the Pakistan Stock Exchange (PSX) lost 87.17 points on Monday, a negative change of 0.20 percent, closing at 42,504.34 points against 42,591.51 points on the last working day.
A total of 229,211,463 shares were traded during the day compared to the trade of 265,752,068 shares the previous day, whereas the price of shares stood at Rs.7.284 billion against Rs.9.034 billion on last trading day.
As many as 337 companies transacted shares in the stock market, 115 of them recorded gain and 197 sustained losses, whereas the share price of 25 companies remained unchanged.
