The Election Commission rejected objections to Hussain's candidature from a rival, who contended he was not eligible for the post as he does not sport a beard.
Announcing the PPP's decision to boycott the poll, senior leader and presidential candidate Raza Rabbani said his party was left with no other option after the Supreme Court ordered the advancing of the election.
The rescheduling of the election from August 6 to July 30 had drastically curtailed time for campaigning, Rabbani said. "We have been left with no alternative but to boycott the election," he told reporters.
The PPP's boycott will not affect the outcome of the election as the ruling PML-N's candidate is poised to easily win the contest. The PML-N has a clear majority in the electoral college comprising members of the four provincial assemblies and parliament.
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The Election Commission had announced the poll would be held on August 6, which falls on the 27th day of the holy month of Ramzan that is considered sacred.
The issue of PLM-N candidate Mamnoon Hussain not having a beard came up during the scrutiny of nominations by the Election Commission.