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Dollar reaches record high against Pakistani rupee

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KARACHI: The US dollar has continued to appreciate against Pakistani rupee as the greenback hit historic high in Pakistan’s open market.

The US dollar traded above Rs172 mark on Wednesday after gaining Rs0.20 over the rupee.

In the past four months the dollar value has jumped Rs18 as on May 7, it stood Rs152.28.

This surge in the open market followed the bullish inter-bank trade which, too, noted routing of local currency against the greenback.

In the interbank trade today, the US dollar stands at Rs170.3 after gaining Rs0.33 over the Pakistani rupee.

On the other hand, the Pakistan Stock Exchange’s (PSX) benchmark KSE-100 Index after showing upward trend, yesterday, plunged 908 points to close at 44,366.74 as market participants reacted to negative news from regional markets.

During the intra-day trading, the market at one lost more than 1,200 points, but recovered bit, later in the day to close at 44,366.74.

The KSE-100 Index has been under pressure for several weeks now, dropping to an over four-month low before Wednesday’s session as economic sentiment turned less bullish amid a widening current account deficit, rupee depreciation and interest-rate hike by the State Bank of Pakistan.