Economic turmoil: Dollar spikes by Rs 5.80, PSX loses 496 points

Economic turmoil: Dollar spikes by Rs 8.80, PSX loses 608 points

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The dollar rate on Tuesday reached an all-time high against the Pakistani rupee and is currently trading at Rs 224 in the interbank market, ARY News reported.

The Pakistan Stock Exchange’s (PSX) KSE-100 index fell by 608 points.

According to details, the greenback spiked sharply by Rs 5.80 in the interbank market to settle at Rs 224. The USD is trading at Rs224-225 in the open bank market.

SBP data shows that the USD gained by 1.97% in the interbank market on Monday to settle at Rs215.20.

Interbank closing #ExchangeRate for todayhttps://t.co/DHtaAljyx2 pic.twitter.com/xd2Mc9i5GL

— SBP (@StateBank_Pak) July 18, 2022

Also Read: PSX slides 685 points amid political uncertainty

Moreover, the KSE-100 index also witnessed a bearish trend and lost 410 points on Tuesday. The market fell to 40,870 points on Tuesday, after the USD spike.