The rupee made a sharp recovery of 3 per cent against the US dollar in the interbank market on Friday, recovering all its losses from yesterday.The PKR was trading at Rs290.20 per dollar in the morning, gaining Rs8.73 from yesterday\u2019s close of Rs298.93.
\nForex Association of Pakistan (FAP) 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\u2019s arrest unlawful.
\nHe said the court decision could end the ongoing political unrest, paving the way for the government and the opposition to reach a consensus through dialogue.
\nYesterday, the rupee had fallen 2.9pc, or Rs8.71, from its previous close of Rs290.22.
\nAfter yesterday\u2019s 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.
\nMeanwhile, the foreign exchange reserves of the State Bank of Pakistan (SBP) declined by $74m to $4.38bn for the week ending on May 5, the central bank reported on Thursday.
\nThe total reserves of the country were down by $53m to $9.99bn. Commercial banks\u2019 reserves, however, recorded a paltry rise of $21m to $5.6bn during the week.<\/p>\n","protected":false},"excerpt":{"rendered":"
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