Economic woes have retained pressure on the investors at the Pakistan Stock Exchange (PSX) as the KSE-100 Index plunged over 1,000 points in intra-day trading on Wednesday following uncertainty over the International Monetary Fund (IMF) program.
The currency and equity markets have been hit by the prevailing economic woes of the country while at 1:10 pm, a drop of 1009.18 points or 2.32% was recorded as the benchmark index was hovering around 42,495.18.
It was also chaotic for the currency market as the rupee crossed the historic 190-level against the US dollar in the inter-bank market, according to the intra-day reports.
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A new record of low currency value was recorded after a record low on Tuesday after the rupee was settling at 188.66 in the inter-bank market.
A 3.23% decline was recorded in the benchmark KSE-100 Index, the biggest fall in terms of percentage, just two days ago due to increasing concerns of investors over the balance-of-payments situation in the shape of a rising current account deficit.
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Unending crisis
The woes of another wave of inflation and an interest-rate hike in the new monetary policy announcement were also disturbing the investors amid the political and economic uncertainty in the country.
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In a new statement, Defence Minister Khawaja Asif told BBC Urdu during an interview that the government could organise fresh elections before November this year prior to the appointment of the new army chief.
The country is already facing the risks of a severe fuel, power and wheat crisis due to the indecisiveness of the Pakistan Muslim League Nawaz (PML-N) government after toppling the Imran Khan-led Pakistan Tehreek-e-Insaf (PTI) regime that was working on a plan to revive the economy.
The pre-IMF talks situation has reflected an upcoming economic meltdown, however, the financial expression will become clearer post-talks between the Pakistani government and IMF delegation this month.