KARACHI: On Monday, the Pakistan Stock Exchange and the local currency witnessed serious decline owing to the political crisis, lack of interest from investors, and the uncertainty surrounding the International Monetary Fund (IMF) bailout programme.
The local currency lost Rs1.14 during the opening trade in the interbank market against the greenback with dollar surging to Rs187.77. In the open market, the dollar traded at Rs188.
On the other hand, the KSE-100 index lost 1,071 points or 2.4 per cent during the early-morning trade. Because of minimal from investors, the benchmark index closed at 43,769.
In the past week, the stock market had only one working day as the market was closed due to Eid-ul-Fitr. On Friday, the dollar had closed at Rs186.63.