KARACHI: After massive losses, Pakistani Rupee makes sharp recovery againstUS dollar in the open market.
After suffering massive losses this week the rupee on Friday made a partialrecovery 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 steadyat Rs158.5.
Starting from Monday, the rupee started its slide from the opening value ofRs154.25 to reach Rs157.9, losing Rs3.65 in a single day.
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The trend continued, as the greenback rose to Rs159.3 before losing someground end of the week.
Currency dealers had regarded the recent devaluation a temporary phenomenoncaused by the increase in demand for dollars on account of foreign sellingand outflows from the treasury bills.
