Rupee makes strong recovery by gaining Rs12.43 against US dollar
The recovery has taken place a day after the rupee touched the historic low against the US dollar in the interbank market.
KARACHI: (UrduPoint/Pakistan Point News-May 12th, 2023) The Pakistani rupee on Friday made a strong recovery by gaining Rs12.43 against the US dollar.
The latest reports suggested that the Dollar is being traded at Rs286.50 in the interbank market. It happened after the dollar reached an all-time high of Rs298.93 on Thursday, gaining Rs8.71 in the interbank market, and Rs305 in the open market.
The economic analysts said that the release of PTI Chairman Imran Khan, ordered by the Supreme Court of Pakistan, contributed to the recovery of the rupee against the greenback.
The rupee on Thursday closed at Rs298.93 in the interbank market, losing Rs8.71, while in the open market, the dollar surged by Rs10 to close at Rs305 against the Pakistani rupee.
The country's ongoing political turmoil, triggered by the arrest of Imran Khan and other key leaders, is said to be the cause of the rupee's decline. The rise in uncertainty over the resumption of the International Monetary Fund (IMF) bailout programme amid heightened political tensions has also contributed to the depreciation in the rupee's value.