Rupee weakens against dollar

KARACHI: The Pakistani rupee weakened by Rs1.35 against the US dollar and closed at Rs297.13 in the interbank market on Monday, the State Bank of Pakistan said.

Overall, the Pakistani currency depreciated by -0.45 per cent against the US dollar.

Interbank closing #ExchangeRate for today https://t.co/06ebUn3yum#SBPExchangeRate pic.twitter.com/A8hyc0EJDw

— SBP (@StateBank_Pak) August 21, 2023

Earlier today, shares at the Pakistan Stock Exchange (PSX) lost over 500 points with analysts attributing the sell-off to concerns regarding further interest rate hikes.

According to the PSX website, the benchmark KSE-100 index was trading at 47,648.33 points at 12:50pm, down 570.16 points or 1.18 per cent from the previous close of 48,218.49 points.

Read more: Shares at PSX lose over 500 points

Intermarket Securities’ Head of Equity Raza Jafri said that despite improvement in the last few months, the economy was still vulnerable.