Rupee makes comeback against US dollar


After getting a historic drubbing yesterday at the hands of US dollar, the Pakistani rupee made a comeback on Friday and revived by Rs10.09 in the interbank market.

According to the latest money market data, the Pakistani rupee managed to sail well at the start of the business during interbank trading as the greenback shed its value heavily and was being traded at Rs275, down by Rs10.09 notches.

Yesterday, the US dollar decimated Pakistani rupee to historic low in the interbank market as the greenback skyrocketed by a huge margin of Rs18.98 against the rupee and ended the day at a record level of Rs285.09 in the interbank market – a day after crushing the local currency amid standoff with the International Monetary Fund (IMF) and downgrading by the Moody’s in its latest ratings.

The market was upbeat on Friday after the statement of Finance Minister Ishaq Dar who claimed that government’s negotiations with the International Monetary Fund were about to conclude and it was expecting to sign Staff Level Agreement with the IMF by next week.—NNI