Rupee makes ‘smart’ recovery as dollar falls to Rs185.9

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rupee us dollar

KSE-100 gains more than 700 points; Gold prices down by Rs2,000

Owing to Supreme Court’s historic verdict, the rupee snapped a 17-day record-breaking downward streak against the US dollar, recording the highest single-day recovery since April 17, 2020.

The rupee finally made a comeback against the dollar on Friday, closing at Rs185.9 in the interbank market, a development that is largely attributed to the Supreme Court’s decision to restore the National Assembly as well as the central bank’s decision to increase the policy rate by 2.5 per cent.

According to the Forex Association of Pakistan, the greenback depreciated by Rs2.28 over Thursday’s close of Rs188.18 when it had reached an all-time high. However, the rupee rebounded Friday and was trading at Rs185.4 at one point. In the open market, the currency’s selling price was recorded at Rs188.05 and buying rate at Rs186.3.

General secretary of the Exchange Companies Association of Pakistan, Zafar Paracha, termed rupee’s recovery “smart” and hoped that the pressure on it would decrease as the political crisis subsides.Meanwhile, Pakistan Stock Exchange’s benchmark KSE-100 index registered a relief rally on Friday, gaining more than 700 points in intraday trading as days-long political uncertainty began showing signs of abatement after a Supreme Court ruling led to the restoration of the National Assembly. The market opened on a positive note, with the index rising to 44,2361.81, a rise of nearly 450 points, within the first thirty minutes of trading. The day’s high was seen at around 12:30pm, when the index was up 714 points to reach 44,501.55. By close at 1:15pm, the index stood at 44,444.58 points, or 657.75 points (1.5 per cent) up. On the other hand, the price of 24 karat per tola gold witnessed a decrease of Rs 2,000 and was trade at Rs132,300 on Friday as compared to its sale at Rs134,300 in the local market the previous day. The price of 10 gram 24 karat gold also decreased by Rs1,715 to Rs113,426 from Rs115,141 whereas that of 10 gram 22 karat went down to Rs103,974 from Rs105,545.

 

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