According to data released by the State Bank of Pakistan’s social networking site Twitter, the US dollar depreciated further by 47 paise against the rupee at the Interbank Foreign Exchange during the second trading day of the week, hitting Rs 174. It has come down from 77 paise to 174 rupees 30 paise.
It may be recalled that the dollar had depreciated by 47 paise against the rupee in the interbank market yesterday, and the price had fallen from Rs 175.24 paise to Rs 174.77 paise.
Economists say the US dollar depreciated further against the rupee after a 1 1.59 billion tranche (IMF). The US currency will continue to decline, and the rupee will continue to strengthen, following reports of early aid from Saudi Arabia’s finance adviser Shaukat Tareen.
On the other hand, the fluctuations in the Pakistan stock market recorded the worst decline of 796.48 points, and the 100 indexes closed at the level of 44948.52 points. As a result, a total of 851 shares were traded, due to which investors once again had to bear the loss of billions of rupees.
During the last two days, the Pakistan stock market recorded a decline of 1540 points due to the worst drop and suffered a loss of billions of rupees.
Economists say the main reason for the ongoing slump in the stock market is the 1.5 percent rise in interest rates since the announcement of the monetary policy, which has led investors to follow a wait-and-see procedure due to uncertainty.
