KARACHI – The Pakistan Stock Exchange (PSX) registered bearish trend as the benchmark KSE-100 index has plunged over 800 points during intraday trading on Tuesday amid financial and political uncertainty in the country.
At 2:30pm, the market stood at 46,659.97 after the index dropped by 818 points, witnessing 1.72 percent decline.
The market opened with KSE-100 standing at 47,478.61 points and it witnessed decline from the early session with experts fearing further drop.
Experts have attributed the latest plunge in KSE-100 index to ongoing rupee depreciation against the US dollar and rumours of emergency adjustment in the monetary policy, which will further hike the interest rate.
The free fall of the Pakistani rupee continues during Tuesday’s ongoing session against the US dollar as demand for the foreign currency has increased following the withdrawal of the import restrictions.
As of 12:00am, the local currency has plunged by Rs1 as the dollar is being traded at Rs303 in the interbank market.
In open market, the US dollar is being traded at Rs318 after it appreciated by Rs3 against the rupee.
A day earlier, the dollar delivered another blow to the Pakistani rupee in the interbank trading on Monday.
Data shared by State Bank shows the US dollar hit an all-time high against Pakistani rupee, setting new record. PKR moved down to an all-time low and settled at 302 rupees.
