KARACHI – Pakistan rupee witnessed slight recovery against the US dollar in early trading session in interbank market on Thursday after losing ground for two consecutive days.
The local currency strengthened by 63 paisas against the green back to reach Rs294.50 during the early session. However, the foreign currency is being exchanged above Rs300 in the open market.
A day earlier, the Pakistani currency witnessed a Rs3.43 devaluation against the dollar in the interbank trading; closing at Rs 294.93 against the Tuesday’s closing of Rs 291.50.
However, according to the Forex Association of Pakistan, the buying and selling rates of the dollar in the open market stood at Rs 301.5 and Rs 303.5 respectively.
The negative trend of PKR comes post-dissolution of assemblies as speculation surfaced among market insiders that the outgoing coalition government had held a controlled exchange rate to save political capital. It was expected that the greenback would rise against the Pakistani rupee once the interim government takes over.
