Dollar Rises in Pakistan As Stock Exchange Falls Over 800 Points

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Dollar rises in Pakistan as benchmark KSE-100 index of the Pakistan Stock Exchange fell by over 800 points on Wednesday.

At the time this report was filed, the benchmark index fell by 883.25 to 38,719.62 points. On Monday, Pakistan stock exchange fell by over 3 per cent following the State bank’s announcement hiking its policy rate by 150 basis points to 10 per cent.

Meanwhile, the dollar rises in Pakistan in inter bank saw an increase of PKR 0.80. The US dollar was being bought at a rate of PKR 138.30 and sold at PKR 138.75.

In the open market, the US dollar was being sold at PKR 138.60.

Last week the dollar hit an all-time high of PKR 142 in the inter bank market. The rupee has depreciated by a massive 36% against the dollar over the past 12 months.

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