KSE-100 plunges 630 points as Fitch downgrades Pakistan’s outlook

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KSE-100 index plunges

Karachi: The benchmark KSE-100 index fell by more than 630 points after Fitch Ratings downgraded Pakistan’s outlook in the wake of “significant deterioration in Pakistan’s external liquidity position and financing conditions since early 2022”.

Read: Fitch Ratings downgrades Pakistans outlook to negative from stable

At around 02:00 pm, the benchmark index was hovering around 40,734, a drop of 632 points.

This followed Monday’s fashion when the benchmark KSE-100 Index lost over 700 points amid renewed political uncertainty after the Punjab by-polls.

Rupee takes battering during intra-day trading; falls to 222 against USD

The Pakistani Rupee continues getting battered against the US dollar in the inter-bank market, as on Tuesday, it fell to Rs 222 against the USD – setting a new low.

According to the State Bank of Pakistan (SBP), the PKR lost Rs4.25, or 1.97%, against the US dollar and closed at Rs 215.20.

Following the downfall, the PKR was quoted at 222, massive depreciation of Rs5.8 against the greenback.

Analysts said calls for general elections gained momentum after Pakistan Tehreek-e-Insaf’s (PTI) victory in the elections held on Sunday, putting economic reforms on the back seat again.

Read: Rupee takes battering during intra-day trading; falls to 222 against USD

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