Pakistan Stock Exchange has observed a negative trend as the KSE 100 index significantly declined today.
KSE 100 Index dropped by 715 points during the intra day trading. At 11:25 am, the index reached at 33575.95 points. According to the market analysts, the high selling pressure is observed due to the latest Pakistani Rupee depreciation happened after the finalizing of IMF loan to Pakistan. On the other side, the Pakistani Rupee devaluation would badly impact earnings of the companies listed at the PSX.
Today, USD to PKR or Dollar rate in Pakistan recorded Rs 148.5 in the interbank market. On Wednesday, Dollar rate in Pakistan for the first time reached at Rs 146.25 in the open market. The raise of Rs 2.25 was observed as agreement is finalized regarding the $6 billion IMF loan to Pakistan. After that, PM Imran Khan ordered concerned authorities to take action against foreign exchange companies selling the dollar at above Rs 144.