BusinessThe dollar reaches to Rs 190, Stock Market down by 500 points

The dollar reaches to Rs 190, Stock Market down by 500 points

The high flight of US dollar could not be stopped, the dollar reached the highest level of 190 rupees against the rupee while the Pakistan Stock Exchange is also witnessing a downward trend.

On the third day of the business week, the dollar appreciated by one rupee against the rupee, after which the dollar reached its highest level in history.

In the Karachi inter bank market, the dollar has reached a record level of 190 rupees 10 paisa.

Director Arif Habib Group Ahsan Mohanty told Mattis Global that the rupee is under pressure due to high oil import bill and speculation about Saudi package.

On the other hand, Chairman Forex Association Malik Bostan while talking to media claimed that political confrontation is causing the rupee to depreciate against the dollar.

He said that the flight of dollars would continue till the battle of political parties.

It may be recalled that Malik Bostan had yesterday advised the government to disclose the details of the package received by Pakistan from Saudi Arabia to ease the pressure on the rupee.

During Prime Minister Shahbaz Sharif’s visit to Saudi Arabia this month, Saudi Crown Prince Mohammed bin Salman agreed to talk about extending a 3 billion loan to help Pakistan’s new government deal with the current economic crisis.

So far, however, no concrete details have emerged about the talks.

It may be recalled that on April 1, due to political turmoil, the dollar reached an all-time high of Rs 189.25.

The dollar depreciated immediately after the change of government.

The dollar has started flying again.

Meanwhile, by the afternoon of May 9, the rupee had depreciated by Rs.1.25

Stock market downturn on the third day of the business week, the Pakistan Stock Exchange is also in a downward spiral.

The 100 Index fell by more than 500 points to 42,900 points.

Zafar Paracha, head of the Exchange Companies Association of Pakistan, said the delay in talks with the IMF was putting pressure on foreign exchange reserves.

He said that 10 billion has to be paid this year and if the program is not extended then there could be a lot of pressure on the rupee.

He said that economic managers should take immediate steps to control the situation.

Earlier, on May 9, the first day of the business week, the Pakistan Stock Exchange (PSX) had a sharp decline, while the KSE-100 index was down more than 1,500 points.

Meanwhile, according to the PSX website, the KSE 100 Index was at 44,841 points at the start of trading, which had risen to 43,289 points by 2 pm.

Raza Jaffery, head of equities at Inter market Securities, blamed the decline on foreign exchange reserves and delays in the International Monetary Fund (IMF) program.

Related Stories

State Bank reduced the interest rate after 4 years

The State Bank of Pakistan (SBP) has announced a reduction in interest rates after four years. The Monetary Policy...

Petroleum products prices likely to drop further by Rs.4

From June 1, the prices of petroleum products are expected to decrease by Rs.4 per liter. Sources said that due...

2 Pakistan telecom companies block 3500 SIMs

2 Pakistan telecom companies block around 3500 SIMs. According to the spokesperson of the Federal Board of Revenue, a telecom...

Trending on DiariesPK