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Tuesday, May 17, 2022
HomeBusinessKSE-100 falls by 2.3% as rupee closes at Rs186.75 against US dollar

KSE-100 falls by 2.3% as rupee closes at Rs186.75 against US dollar

Investor sentiment dims due to uncertainty of IMF program

The Pakistan Stock Exchange (PSX) experienced a tumultuous trading week as depreciation in the local currency joined with concerns about the International Monetary Fund (IMF) program dimmed investor interest. As a result, the KSE-100 closed the week at 45,553.02 points after a loss of 1,049 points or 2.3%.

The market opened on a positive trend this week. With a jump in international oil prices, exploration and production scrips remained highlighted.

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However, the positive momentum couldn’t stay for a long time due to economic concerns and uncertainty regarding IMF program resumption.

Meanwhile, the Pakistani rupee lost 0.05% against the US dollar on the final trading day of the week.

The rupee closed at Rs186.75 against the dollar as compared to its previous close of Rs186.70 a day earlier. The rupee has been going on a downward trend for the previous 12 months. It has depreciated 22.64% (or Rs34.48) to date, as compared to its record high of Rs152.27 recorded in May 2021.

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With a fresh rise of 0.14%, the Pakistani rupee declined by 18.54% (or Rs29.21) since the beginning of the current financial year on July 1, 2021.

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