google-site-verification=jrFRO6oYNLK1iKh3HkH_yKgws4mFcOFcPvOCyqbqAnk
Pakistan's Premier Multilingual News Agency

PKR made a sharp recovery against US Dollar

The State Bank of Pakistan (SBP) reported that the rupee closed at Rs285.08, up by Rs13.85 from Thursday’s close of Rs298.93.

Islamabad, 13 May 2023 (GNP): On Friday, the PKR regained 4.86 per cent of its value against the US Dollar in the interbank market, after losing almost 3pc the day before.

The State Bank of Pakistan (SBP) reported that the rupee closed at Rs285.08, up by Rs13.85 from Thursday’s close of Rs298.93.

The head of Forex Association of Pakistan (FAP), Malik Bostan, attributed the rupee’s recovery to the positive expectations about the political situation following the Supreme Court verdict that declared Imran Khan’s arrest illegal.

He said that the verdict could end the political turmoil and create an opportunity for dialogue and compromise between the government and the opposition.

Also ReadTerrorist attack on FC camp in Balochistan

On Thursday, the rupee had dropped 2.9pc, or Rs8.71, from its previous close of Rs290.22.

Many financial market experts agreed that the rupee’s devaluation against the US dollar was not only caused by the political instability. They also suspected that large outflows of foreign exchange from Pakistan had strengthened the dollar.

The SBP also announced on Thursday that its foreign exchange reserves had decreased by $74m to $4.38bn for the week ending on May 5. The country’s total reserves had fallen by $53m to $9.99bn. However, the reserves of commercial banks had increased slightly by $21m to $5.6bn during the week.

google-site-verification=jrFRO6oYNLK1iKh3HkH_yKgws4mFcOFcPvOCyqbqAnk