The Pakistani rupee (PKR) continued to fall throughout Monday’s trading session, reaching Rs194, its lowest point against the US dollar. During trading hours, the rupee rose by Rs1.47 at the interbank.
According to Zafar Paracha, General Secretary of the Exchange Companies Association of Pakistan, the dollar has risen by Rs11.07 since the current government took office, but debt has soared by Rs1,400 billion as a result of the discrepancy.
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In the preceding week, the Pakistani rupee lost 3.1% of its value versus the US dollar in the interbank market, with the currency hitting fresh record lows to conclude the week at Rs192.53, its lowest closing in history.
Concerns about the economy, falling foreign currency reserves, and a widening trade imbalance drove down the value of the local currency. Although the Fear and speculation in the market, have been fuelled by concerns about the International Monetary Fund (IMF) agenda.
The Pakistan Stock Exchange (PSX) fell almost 1,000 points in early trading on Monday, owing to the government’s inactivity over the country’s deepening economic crisis. The PSX benchmark KSE-100 Index fell to a low of 42,443 points in the morning after declining 2.4 per cent.
Since the new government came into power the market has lost around 4 billion.