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In the country’s recorded history, the US dollar has reached a historic high in Pakistan’s open market as it trades above the Rs172 mark on Wednesday, further weakening the frail rupee.
Only in the last four months, the value of dollar has jumped Rs18, which speaks volumes about the routing of rupee against the greenback.
In the interbank trade today, the US dollar stands at Rs 170.3 after gaining Rs 0.33 over the Pakistani rupee.
In contrast, the Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index after displaying upward trend on Wednesday fell 908 points to close at 44,366.74 as market members reacted to undesirable news from regional markets.
The KSE-100 Index has been on the spot for quite a few weeks now, plummeting to an over four-month low before Wednesday’s session as financial sentiment turned less bullish amid a broadening current account deficit, rupee devaluation and interest-rate rise by the State Bank of Pakistan.