Dollar hits six-month high against rupee, KSE declines by 350 points

KARACHI, Aug 25 (INP) : The US dollar rose 63 paisas in the inter-bank market on Monday after which it touched the Rs103.30 mark. Moreover, the Karachi Stock Exchange (KSE) 100-index staggered to the level of 28, 520 after a decline of 350 points in the morning trading session due to uncertain political situation.


Experts have blamed the current political situation for what they call the rupee’s instability and feared that it may further devalue if the situation does not normalise soon.Earlier, currency experts had predicted that the dollar’s high tide would fall and the rupee would strengthen its position.

The developments come in the wake of Pakistan Tehreek-i-Insaf (PTI) chief Imran Khan’s threats to storm Prime Minister House if Nawaz Sharif does not resign within the so-called deadline that the PTI chief had earlier announced.

It is hard to calculate the tangible economic losses caused by the protests, which saw the government lock down the entire Punjab earlier this month to prevent the protesters from reaching Lahore from the rest of the province and then march on to the capital.

Finance Minister Ishaq Dar claimed on Friday that the economy had lost Rs450bn because of volatility in the capital markets and pressure on the exchange rate owing to the political turmoil.

The intangible losses to the economy are said by businessmen and analysts to be much higher than tangible losses. The IMF left the fourth review of its $6.7bn loan programme incomplete, perhaps to buy itself time to see how politics unfolds in the country in the coming days and weeks.

Many suspect further delays in the implementation of economic reforms, as the government’s focus will remain on tackling the opposition’s challenge for quite some time, even if it successfully rides out of the current political storm.



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