With rising political uncertainty amid an import pressure, the dollar reached an all-time high value after the local currency depreciated Rs4.25 to put the value of the greenback at Rs215.2 in the interbank market, while the KSE-100 index fell down more than 700 points.
The rupee depreciated at the start of the week on Monday when it came down by Rs4.25 by the end of the day, according to the State Bank of Pakistan.
A member of an investment company told local media that the outcome was caused by the political uncertainty caused and import payment pressure.
Meanwhile, the stock market closed at 41,367.11 points on Monday after starting at 42,074.91 points in the morning. A member of Arif Habib Limited told local media that the results of the by-polls on Sunday had created “lots of ifs and buts”, causing uncertainty to prevail in the market.
He added that an announcement of early elections would also trigger uncertainty over the International Monetary Program.
Market experts have said that receipt of the $1.17 billion dollar tranche would give the rupee breathing space.
