The Pakistani rupee fell by 5.75% (or Rs14.5) to an all-time low of Rs252.5 against the US dollar in the open market at 11 a.m. on Wednesday.
The slump in the rupee helped the Pakistan Stock Exchange (PSX) jump by 1.87% (or 730 points) to 39,785 points at 11:39 a.m.
The rupee fell after currency dealers unanimously agreed to stop artificially keeping the rupee overvalued at Rs 238 against the US dollar for the time being.
Topline Securities CEO Muhammad Sohail said that the local currency dropped to Rs 252.5 against the greenback at around 11 a.m. today. Until Tuesday, currency dealers held it at Rs 238.
