PSX loses 357 points

Karachi: The stock market experienced a massive fall in economic activity on the second day of the work week, causing traders to lose billions of rupees.

The KSE-100 index recorded a decline of 357 points and closed at 45508 points.

Throughout the day, 120 million shares worth Rs 4 billion were traded on the market.

The US dollar's exchange rate in the interbank market fell by Rs1.27 on Tuesday, falling below the Rs300 level.

According to the State Bank, the closing rate for the US dollar was Rs299.89.

The interbank market for the US dollar has seen a notable drop of Rs7.22 during the last several days. On the other hand, for the fifth straight session, the Pakistani rupee has been steadily increasing versus the US dollar, reaching a closing rate of 299.89 in the interbank market.

According to the State Bank of Pakistan (SBP), the rupee strengthened by Rs1.27 or 0.42% by the end of the trading day. In the previous five trading sessions, the rupee has gained more than 2% overall.

It's vital to remember that the rupee has appreciated significantly more in the open market.