Floods drag down PSX
The PKR recovered by Rs1.8 against the dollar in the interbank market on Tuesday. Data shared by the State Bank of Pakistan showed the local currency closed at Rs220.12, up 0.82 per cent.
The rupee’s recovery comes after the International Monetary Fund’s (IMF) Executive Board completed the combined 7th and 8th reviews of a loan facility for Pakistan, allowing immediate disbursement of $1.1 Meanwhile, the Pakistan Stock Exchange lost over 300 points on Tuesday despite the International Monetary Fund’s (IMF) approval of the release of a $1.1 billion loan tranche late last night.
The benchmark KSE-100 index opened the day on a high note, gaining 547.93 points around 9:30am.
Since then, however, the index began sliding, eventually reversing all its gains from earlier in the day and slipping into the red.
