Free-falling rupee weighs on Karachi stocks

By
AFP
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Free-falling rupee weighs on Karachi stocks
ISLAMABAD: The Karachi Stock Exchange (KSE) dropped on Wednesday with many investors not taking risks ahead of Pakistan's budget announcement, and amid concerns about a weakening rupee, which hit a record-low, dealers said.

The KSE's benchmark 100-share index fell 1.42 percent, or 200.1 points, to close at 13,871.75 points on volume of 88.2 million shares, compared to Tuesday's close of 14,071.85.

After posting two consecutive record-lows against the dollar this week, the Pakistani rupee weakened further to close at a new low at 93.44/52. It closed at 92.90/95 on Tuesday. (Reuters)