The federal budget which the experts had thought would provide some relief could not restore the confidence of the investors.
LAHORE: (UrduPoint/Pakistan Point News-June 13th, 2022) The Pakistani Currency and the stock markets continued downard trajectory on Monday as the coalition government’s maiden budget for the next fiscal year 2022-23 failed to restore investors' confidence.
The markets had earlier expected that the budget would provide them a sigh of relief but still the situation is totally different.
Rupee surpassed the critical threshold of 204 against the US Dollar in the interbank market during intra-day trade. The benchmark KSE-100 index of the pakistan stock exchange (psx) plunged by nearly 800 points.
The expert expected that the Federal budget would be a milestone for revival of the stalled $6 billion International Monetary Fund (IMF) programme.
But the federal budget, however, is insufficient and the fund may not accept it.
