The Pakistani rupee traded at an all-time low of Rs300.37 during morning trade in the interbank market, sending the US dollar to a record high.
Rupee hits record low against US dollar: The dollar was trading at Rs300.4 in the interbank market at 11:50 a.m., according to the Forex Association of Pakistan.
They said that the USD was trading for Rs315 on the open market.
According to daily data given by the State Bank of Pakistan, the dollar ended yesterday’s trading session at Rs299.64.
The benchmark KSE-100 index of the Pakistan Stock Exchange (PSX) increased by more than 500 points on Thursday morning trade.
The KSE-100 index increased by 524.87 points or 1.1% from yesterday’s close of 47,418.63 points to reach 47,943.50 points at 11:00am.
The State Bank of Pakistan’s (SBP) decision to maintain the interest rate at 23 percent was, in the opinion of economic experts, “not helpful because people find it more profitable to invest in the foreign [currency] market.”
However, Amidst intense political unrest, historically high inflation, and interest rates, a caretaker administration is leading Pakistan. The responsibility of guiding the nation through to a national election, which should, in principle, take place by November, falls upon this administration.