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US dollar reaches Rs157.75 after Rs1.17 hike in interbank

US dollar reaches Rs157.75 after Rs1.17 hike in interbank
March 10, 2020
KARACHI (92 News) – The US dollar climbed Rs3.51 within two days in interbank as the dollar reached Rs157.75 after Rs1.17 increase in the interbank on Tuesday. The rupee witnessed pressure today after a period of relative calm for the past six months, as it fell by Rs3.51 against the dollar to Rs157.75 in the interbank market. Meanwhile, in the open market, the greenback rose by Rs2.70 to Rs157 from Rs154.3. In percentage terms, this meant an increase of 1.75pc. On the other hand, the Pakistan Stock Exchange (PSX) is positive during the business. However, 200 points increased in the KSE 100 index. A day earlier, Pakistan Stocks Exchange’s (PSX) benchmark KSE-100 index tumbled 2100 points as decline in world crude oil price led the index to nose dive over five per cent in intra-day trading. According to the reports, The index, which was closed at 38,220 points on Friday, nose dived at the start of the trading session and shed 2106 points or (5.51%) before the trading was suspended. Meanwhile, the PSX’s benchmark KSE-100 index tumbled 2100 points forcing the authorities to halt the trading for 45 minutes. The trading at the stock market was halted for 45 minutes to give brokers time to settle exposures against the purchases. At 9:37am, the KSE-100 Index – a benchmark for market performance – was down 2,106.78 points or 5.51 per cent to stand around 36,211.89 points. It is pertinent to mention here that the slide came on the back of falling oil prices in the international market. International oil prices experienced a nearly 30pc decline today, the worst crash since the Gulf War in the 90s. International oil prices fell by as much as a third when Saudi Arabia decided to start a trade war after Russia refused to back further steep output cuts proposed by Organisation of the Petroleum Exporting Countries (Opec) to stabilise oil markets hit by worries over the global spread of the coronavirus.
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