In a devastating development, the Pakistan Stock Exchange (PSX) witnessed a record-breaking decline on Thursday, creating shockwaves in the country’s financial sector.
The PSX endured a massive drop of 1700 points, breaching the significant milestone of 45,000 points, while the 100-index slid below 44,600 points.
This dramatic plunge represents the most significant stock market downturn witnessed throughout the year.
Investors, traders, and economists are grappling with the aftermath of this financial crisis.
Analysts attribute this catastrophic decline to a statement made by Caretaker Finance Minister Shamshad Akhtar concerning electricity bill settlements.
In parallel to this stock market turmoil, the Pakistani rupee has once again experienced a turbulent journey against the robust US dollar.
In the open currency market, the dollar rate has surged by an additional Rs3, reaching an astonishing exchange rate of Rs325.
The US dollar has continued to soar against a weakening Pakistani rupee, reaching the 305 level during trading, further exacerbating the gap with the inter-bank rate.