The dollar gained Rs3.02, or appreciated by 1.04%, against the rupee to close at Rs291.51, the central bank said. While the foreign currency soared to Rs300 in the open market.
This was the second lowest level since a record low of 298.93 on May 11, 2023, according to Arif Habib Limited.
The development comes after the interim prime minister Anwaarul Haq Kakar was sworn in as the eighth caretaker prime minister of Pakistan.
Pakistan finally managed to consolidate its foreign exchange reserves with the approval in mid-July of a $3 billion loan from the International Monetary Fund (IMF) and additional assistance from China, Saudi Arabia and the United Arab Emirates.
One of the conditions of the IMF bailout was an end to subsidies on energy, leading to a sharp rise in the cost of electricity, which affects the competitiveness of textile companies.
“The world economy remained under pressure in the near past that also resulted in an increase in inflation in Pakistan,” SBP Governor Jameel Ahmad said in a flag hoisting ceremony in Karachi on Monday. “These conditions were further aggravated due to floods and delay in IMF program review.”
He added that the nine-month Stand-by Arrangement agreed with the IMF has improved foreign reserves of the country and largely resolved near-term issues pertaining to the external sector of the economy.
The Pakistan Stock Exchange recorded minor gains as the benchmark KSE-100 Index added 141.35 points, or 0.29%, to close at 48,565.75 points against 48,424.4 points the previous trading day.
The KSE-30 Index gained 77.71 points, or 0.45%, to reach 17280.29 levels at the closing of the trading session.
A total of 251,692,333 shares were traded during the day as compared to 368,334,990 shares the previous day.
