US dollar bulldozes Pakistani rupee to historic low
Share prices surge by 175 points at stock exchange
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At the start of the trading session on Tuesday, the dollar saw a little slide and lost 10 paisas against the rupee but within hours it showed robustness and gained Rs1.56 as the business closed, climbing to a new historic level against the Pakistani currency. After this gain, the greenback ended the day at Rs195.74 in interbank trading.
FPCC Vice President Shabbir Mansha said that if the government failed to check the devaluation of rupee, then a tsunami of inflation would hit the country.
He called upon the government to take strict decisions in order to arrest the freefall of the Pakistani currency. He demanded of the government to immediately intervene to stop the devaluation of the rupee.
Yesterday, chairing a virtual meeting with the Chairman of Exchange Companies Association of Pakistan (ECAP) Malik Bostan, Prime Minister Shehbaz Sharif expressed his concern over the depleting forex reserves and devaluation of currency. He directed the policymakers to devise a comprehensive strategy in consultation with the stakeholders to halt the rupee’s free fall and improve reserves.
On the other hand, the benchmark KSE-100 Index of the Pakistan Stock Exchange (PSX) showed some resilience at the start of the trading activity and was up by 175 points while the intraday trading was reached 42,847 on KSE-100 index.
Reporters Ashrarf Khan and Habib Khan