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Monday, May 23, 2022
HomeBusinessPSX plummets nearly 650 points as dollar soars to 190

PSX plummets nearly 650 points as dollar soars to 190

The Pakistan Stock Exchange experienced overwhelming selling pressure on Wednesday as the benchmark KSE-100 index plummeted by 641.21 points, two days after it lost almost 1,500 points.

According to the PSX website, the KSE-100 Index opened at 43,504.36 points and reached a high of 43,649.59 points. It then started declining before closing at 42,863.15 points, representing a total decline of 641.21 points.

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Raza Jafri, head of Equities at Intermarket Securities, said the government needed to make urgent decisions regarding the International Monetary Fund program among other financial decisions. “The government has been dragging its feet so far which is eroding investors’ confidence and leading to panic selling,” he said.

Meanwhile, the US dollar on Wednesday touched an all-time high against the rupee, mounting to Rs190.10 in the interbank market.

The rupee was trading at Rs190.07 against the greenback in the interbank market during intraday trade. The US dollar appreciated by Rs1.44, crossing Tuesday’s close of Rs188.66. The last time the dollar reached a record-high was on April 1, when it crossed the Rs189 mark.

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The dollar declined after the change in government on April 11, but the correction quickly ran out of steam. Now the greenback is soaring again, reaching a new all-time peak.

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