KARACHI: Pakistan Stock Market (PSX) witnessed a bearish trend and decreased by 147 points and closed at 45865 points due to due to recession.
The PSX traded 210 million shares worth Rs 8 billion throughout the day.
Meanwhile, in the open market, US dollar further weakened against Pakistani rupee by Rs 4, trading at Rs298 on Monday.
Whereas in the interbank dollar, the US dollar depreciated by Rs1.79 and closed at Rs301.16.
“The greenback rate dropped by 2.35 rupees in interbank and trading at 300.60 Pakistani rupees,” Forex dealers said.
“The banks are selling dollar to importers at 301.05 Pakistani rupees,” currency dealers said.
The US dollar rate was at parity in interbank as well as in the open market, earlier in the day.
The dollar’s buying has been scarce, while sellers’ number has soared in exchange companies.
Pakistani rupee (PKR) has made impressive recovery against the US dollar in recent days.
President Forex Association of Pakistan Malik Bostan earlier said that the US dollar will enter in the reverse gear mode and will drop to Rs 300.
It is pertinent to mention here that the caretaker government announced crackdown against dollars smuggling following the identification of facilitators linked to government officials.