KARACHI: The US dollar that was witnessing a sharp rise almost on a daily basis for the past 11 days at least as compared to the Pakistani rupee, has hit the breaks.
On Thursday morning, the American currency saw a pause in its flight and registered a slight dip in value.
In the interbank market, the greenback decreased in value by 43 paisas against the rupee, as per currency dealers.
The value of the dollar fell to Rs294.50 in the interbank market on Thursday.
Until Wednesday, the US dollar continued to thrash the rupee, as it kept recording a massive gain against the local currency in the market.
In the interbank market, the currency strengthened to Rs294.93 in just one day on Wednesday, while in the open market it gained Rs5.
The American dollar strengthened by Rs3 in both the interbank and open markets, as it continued to beat the rupee.
In just two days of the new caretaker set-up, the dollar had gained Rs9 in the open market and Rs7 in the interbank market.
Accordingly to currency dealers, the greenback reached Rs294.93 in the interbank market, and Rs305 in the open market.
Meanwhile, as the rupee stated to stabilize a bit, the stock market started to see a fall.
The Pakistan Stock Exchange witnessed a bearish trend during trading on Thursday morning, as it fell below the 48,000-point boundary.
The KSE-100 Index fell by more than 200 points to 47,940 points.
Earlier this morning, the stock exchange had lost a meagre 46 points and fallen to 48,100 points.
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