ISLAMABAD: In the inter-bank trading, the US dollar further edged up and surpassed 190 rupees level at 11:15am on Wednesday while Pakistan Stock Exchange benchmark 100-index has lost over 600 points, falling to 42,896 points at 11:18am.
Growing uncertainty on the economic front and delay in talks with IMF loan programme are causing blow to value of rupee and the stock market trading sentiment.
The way the US dollar is gaining value against Pakistani currency, the greenback is bound to set new record of staying above 190 rupees in the inter-bank trading while in the open market, it is already being traded around 191 rupees.
On Wednesday, the dollar-rupee exchange rate opened with 188.66, but within a couple of hours, it increased to 190. Analysts said the value of dollar is fluctuating just like stock market.
Falling foreign exchange reserves, widening trade deficit, current account deficit, and an alarming expansion in imports have made vulnerable the value of rupee against dollar and other major currencies.
PML(N) top leaders have gathered in London to take a stock of the prevailing economic and political situation in the country. They are expected to discuss the upcoming talks with the IMF for the resumption of enhanced loan arrangement.
However, if the new government increases domestic oil prices or further devalues rupee, it will backlash in the form of public anger against the government.
