PSX crashes by over 1,750 points as rupee continues to struggle against greenback

KARACHI: The Pakistan stock market crashed on Thursday while the rupee also continued to struggle against the US dollar amid concerns about a deepening economic crisis.

The Pakistan Stock Exchange (PSX) maintained its bearish trend with the KSE-100 index plunging 1,747.63 points to 44,496.92 by 2:49pm, down 3.78pc from Wednesday’s closing at 46,244.55.

Dealers reported that the Pakistani rupee declined by Rs1.50, hitting a new all-time low of Rs305.55 against the greenback in the interbank market around midday.

The rupee remained on its downward spree in the wake of speculative demand for the greenback in the domestic economy.

The dominant sentiment in the market is that caretaker Finance Minister Shamshad Akhtar should give a policy statement as to how the incumbent government will tackle the crisis.

The PSX is reeling after hitting a six-year high at over 49,000 points in July in the wake of the acquisition of a new International Monetary Fund standby agreement of $3 billion in late June 2023. The currency has depreciated by 5% or Rs17 under the first two weeks of the caretaker government. – News Agencies / Web Desk