US dollar jumps as virus-fueled panic hits Pakistani markets

KARACHI: Amidst panic triggered by the economic fallout of the global coronavirus outbreak, the United States (US) dollar witnessed an appreciation in its value against the Pakistani rupee.

According to forex dealers, the greenback appreciated by Rs2.34 to settle at Rs156.58 for the day in the inter-bank market as compared to previous closing of Rs154.24.

A similar trend was witnessed on the open market where the dollar rose by Rs2.70 to trade at Rs157 against the local unit.

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Meanwhile, the Pakistan Stock Exchange (PSX) witnessed a bloodbath with the benchmark index-100 plunging 5.83 per cent (2,106 points) during intraday trading before regaining some of its lost points to close at37,058 down 1,160 points or 3.13.

It is to be mentioned here that the number of people infected with the coronavirus has topped 110,000 globally as the outbreak reached more countries and caused more economic carnage.

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