Dollar Depreciates, Falls Below Rs. 300 in Interbank Market
In a significant development, the US dollar’s value continues to decline against the Pakistani rupee, with the dollar dipping below the Rs. 300 mark in the interbank market today, on Tuesday.
On the second day of the business week, the US dollar initially decreased by one rupee and 66 Paise, reaching a level of Rs. 299.50 in the interbank market. However, this downward trend persisted, resulting in a further decrease of one rupee and 46 Paise, bringing the dollar’s exchange rate to Rs. 299.70.
Meanwhile, in the open market, demand for the dollar appeared to dwindle as its value remained unchanged at Rs. 300.
In other financial news, the Pakistan Stock Exchange (PSX) experienced a bearish trend on the same day. Initially, the KSE 100 index dropped by 94 points to reach 45,771 points. However, this bearish trend continued, leading to a more substantial decline of 270 points, bringing the PSX 100 index to 45,594 points.
This dynamic in both the currency and stock markets reflects the ongoing economic conditions and market sentiments, which are closely watched by investors and analysts alike.
