Exchange companies' chairman attributes greenback's latest surge to uncertainty created by govt's talks with the IMF.
Analyst says the market can take a new direction if it closes above 44,000 points.
One analyst calls it "late reaction to the monetary policy", another says "cricket tour cancellations reignited uncertainty".
Dollar closes at Rs168.18 in interbank, down from yesterday’s close of Rs169.12.
The rupee made a slight recovery later in the day, gaining 48 paisa to close at Rs169.12 in interbank.
Value of greenback jumped by 80 paisa since the previous day's closing rate of Rs168.09.
PSX follows course of global equity markets after oil prices in international market fall by a third.
Sources say the SSGCL is expected to announce a schedule for CNG stations in the coming week.
After starting the day on a positive note, bears dominated the market as it closed at 40,655 points.
In the interbank market, the greenback traded at Rs157.78.
Greenback falls to Rs161 against the local currency in the open market during intraday trading.
According to some dealers, the greenback's value will hit Rs165 before the closing of the outgoing fiscal year.
Greenback traded at Rs163 in open market.
The greenback was being traded at about Rs157.5 in the open market.
The greenback's value strengthens to Rs152.95 in the interbank market.
Close of financial year, speculation termed main reason behind appreciating value.
The value of the greenback increases by Re0.75 in interbank and Re0.30 in the open market.
The dollar shed its value by Re1 in the open market to be traded at Rs148.50.
Value of the US dollar decreases by Rs1.70 in the interbank market.
The value of US dollar remains stable at Rs150 in the open market.