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Index Crash, Rupee Fall Don’t Bode Well For Govt

The weakening of the Pakistani rupee and crash of the stock market is disturbing for the PTI-led government which is targeting economic growth to over 4% this fiscal year.

The surge in import payments owing to a hike in global commodity prices has put the economy in dire straits.

KSE-100 Index dipped 4,897 points or 10% and reached the level of six-month low of 43,829 points on Monday.

The index also dropped some 240 points today until the afternoon session.

The Pakistani rupee is also struggling with the US dollar and the greenback has crossed 171-mark in the interbank and trading around Rs 171.15.

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Besides this, inflation peaked at 9% in September which is building anti-government sentiment among the masses.

Inflation is expected to remain high until the end of the year, the experts said.

The analysts said Prime Minister Imran Khan needs to take measures to strengthen the rupee against the dollar as it will have a direct impact on inflation which will create difficulties for PTI in the next elections.

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