Recently, in an open market Pakistani rupee declined by 5.75% (or Rs14.5) to an all time low Rs252.5 against US Dollar.
While the collapse in rupee helped PSX (Pakistan Stock Exchange) which jumped by 1.87% (or 730 points) to 39,785 points.
However, the currency decreased after currency dealers announced to stop artificially keeping the rupee overvalued at Rs238 against the greenback for a while.
Muhammad Sohail CEO Topline Securities stated, “the local currency dropped to Rs252.5 against the greenback at around 11 am today.
Currency dealers had controlled it at Rs238 till Tuesday.”
