US dollar crushes Pakistani rupee resistance to set new record

PSX 100-index dropped by 500 points with 1.16 percent decrease plunged to 42,367 points.

By: News Desk
Published: 10:38 AM, 13 May, 2022
US dollar crushes Pakistani rupee resistance to set new record
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The Pakistani rupee on the last business day of the week initially bounced back at the start of the interbank trading and gained 27 paisas against US dollar but after sometimes, the US dollar continued its upward trend and gained 1.23 paisas against greenback crushing all hopes of the day reached the Rs193 psychological mark. However, the US dollar closed at Rs192.53 after much thriller all the day, reported 24NewsHD TV channel. 

The new price value of the US dollar reached all-time new high Rs192.53. 

With initially gaining 98 paisas the US dollar reached Rs192.75 then gained Rs1.30 paisas around 11 pm and reached Rs193. 

Experts have urged the authorities concerned to bring some stabilization in the market with some good and positive news including possible IMF deal and financial assistance packages from brotherly and friendly countries.

Economists said that payment of foreign loans and import bills put pressure on the Pakistani currency.

The previous close of the US dollar was Rs191.77 against greenback. 

The Pakistani currency plunged to all-time low against the US dollar.

Stock Exchange 

The picture at the Pakistan Stock Exchange is not different as PSX 100-index dropped by 500 points with 1.16 percent decrease plunged to 42,367 points.

The investors are cautious in the wake of alarming inflation that soared with every passing week and became a headache for the new government too.

Reporter Ashraf Khan