The rupee shrank in value against the US dollar on Thursday, reaching an all-time high of Rs192 in the interbank market.
The Pakistan Forex market asserted that the morning US dollar note was at a value of 191 and discovered it strengthening to $192.22 at the close of the session and gaining by 2 rupees compared to the previous day s close of $190. In all, the exchange rate saw its largest value before the start of today s session.
The Pakistani rupee’s freefall has been linked to the federal budget and the delay in the release of a $1 billion tranche by the International Monetary Fund, which led to major economic problems.
The rupee’s value was gradually decreasing because of the rise in imports and the slowdown of exports in the trade deficit. The trade deficit reached nearly $39 billion during July-April.
On the other side, the Pakistani Stock Exchange on Thursday also fell by a second consecutive day as another index, the KSE 100, sank by 500 points during its continuous market.
The market opened at 42,863.15 points, and although the index had a gradual rise to 42,927.96 points and gained 63.81 points by around 9.30am, it suddenly lost 549.16 points over the course of the day.
On the day the KSE-100 dropped 1,110 points in intraday trading, the downturn came just a day after the exchange suffered a crash.
