After massive losses, Pakistani Rupee makes sharp recovery against US dollar in the open market

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After massive losses, Pakistani Rupee makes sharp recovery against US dollar in the open market

KARACHI: After massive losses, Pakistani Rupee makes sharp recovery against US dollar in the open market.

After suffering massive losses this week the rupee on Friday made a partial recovery of Rs2.6 to Rs156.7 against the US dollar in the interbank market.

However, no movement was recorded in the open market as dollar held steady at Rs158.5.

Starting from Monday, the rupee started its slide from the opening value of Rs154.25 to reach Rs157.9, losing Rs3.65 in a single day.

The trend continued, as the greenback rose to Rs159.3 before losing some ground end of the week.

Currency dealers had regarded the recent devaluation a temporary phenomenon caused by the increase in demand for dollars on account of foreign selling and outflows from the treasury bills.

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