In a significant market development, economic uncertainty and the devaluation of the rupee have contributed to a notable downturn in the ASI 100 index, resulting in a sharp decline of 1242 points. Furthermore, the market’s benchmark of 46,000 points was unable to be sustained, marking a significant shift in market dynamics.
The impact of this downturn has been widespread, as approximately 79.07% of companies experienced a decrease in the value of their shares. Consequently, the overall market capitalization has witnessed a significant contraction, totaling a substantial loss of PKR 179.82 billion.
USD TO PKR Graph
On the financial front, the interbank exchange rate for the dollar has observed an increase of 1.40 rupees, while the open market has witnessed a rise of 3.50 rupees in the value of the rupee. This fluctuation has also affected other international currencies, leading to an increase in the buying rate of the dollar to 320.00 rupees and a selling rate of 323.00 rupees.
Open Market Rate
| DATE | BUYING | SELLING |
|---|---|---|
| 01 Sep 23 | PKR 325.00 | PKR 328.00 |
Moreover, the domestic currency, the Pakistani rupee, has faced a depreciation not only against the Sri Lankan rupee but also in comparison to several other major currencies. This trend underscores the challenges faced by the local economy.
In a related development, the precious metals market has seen noteworthy changes. The price of gold has surged to 3400 rupees per tola, contributing to a substantial increase of 2.39 million rupees in its overall value. Similarly, the price of silver has risen to 2900 rupees per tola, presenting an upward shift of 50 rupees. These developments highlight the changing landscape of the commodities market.
As the market continues to navigate these fluctuations, experts and investors alike are closely monitoring the situation for potential insights into the broader economic trajectory. The interplay of economic uncertainty, currency devaluation, and shifting market dynamics is shaping the landscape for various stakeholders, making it a crucial period for strategic decision-making.
