Rupee Weakens Against Dollar, KSE-100 Index Drops Below 79,000

The Pakistani rupee continued its downward trend against the US dollar in interbank trading on Monday, depreciating by 10 paisas to close at Rs278.40. This decline marks another challenging day for the Pakistani currency, which has been struggling against the dollar in recent weeks.

On the same day, the Karachi Stock Exchange (KSE) saw volatile activity as the KSE-100 index initially surged by 358 points, maintaining the 79,000 benchmark. However, due to cautious investor behavior, the gains were short-lived, and the index eventually dropped by 63 points, closing at 78,738.

Market analysts attribute the rupee’s depreciation to continued pressure on the forex reserves and an overall weak economic outlook. The stock market’s performance reflects investor uncertainty as they remain cautious amid ongoing economic challenges and political instability.