The rupee made a sharp recovery of 4.86 per cent against the US dollar in the interbank market on Friday, staging a remarkable recovery having lost almost 3pc of its value Thursday.
According to the State Bank of Pakistan, the PKR closed at Rs285.08, gaining Rs13.85 from Thursday’s close of Rs298.93.
Forex Association of Pakistan Chairperson Malik Bostan said the local currency had appreciated over hopes that the political situation would improve after the Supreme Court decision terming Imran Khan’s arrest unlawful.
After yesterday’s steep devaluation, there was a consensus in the financial market that the fall of the rupee against the dollar was not solely the direct outcome of the deteriorating political situation. Instead, it was widely believed that large payments from Pakistan allowed the dollar to gain strength.
