KARACHI: Pakistani Rupee on Friday recorded a sharp recovery against the UD dollar and the upward streak of the dollar ended after almost a month period.
Friday was termed as the best single-day gain in the last two years where the greenback was shocked by almost Rs 3.49 or 1.9%, closing below the Rs 185 level.
The rupee on Friday closed at 184.69 rupees, falling by Rs 3.49 or 1.9 percent, from Wednesday’s closing of Rs 188.18, which was the historic high mark. In the open market, the dollar was down by Rs 2 to the Rs 188.50 level.
Earlier, the rupee received a heavy beating and lost over Rs 10 against the dollar in a month. The dollar touched the highest level of Rs 189 at the interbank and Rs 190.50 at the open market. In some of the cities in the country, the dollar at the open market was quoted at around Rs 193 to Rs 195 which was the biggest jolt for the country’s financial markets.
However, following the decision of the Supreme Court which signaled the ending of uncertainty on the political horizon, the rupee recovered and the dollar was on the back foot after a month-long upward journey on Friday.
