Dawood Ahmed:
The Pakistani rupee recovered on Friday against the US dollar in the interbank. Rupee recovered Rs.10.9 against the US dollar after its decline a day before against the dollar.
The local currency was changing hands at Rs275 per dollar in the interbank market at 11 am, an appreciation of Rs10.9 from yesterday’s close of Rs285.09, data shared by the Exchange Companies Association of Pakistan (Ecap) showed.
Saad Bin Naseer, director of financial data and analytics portal Mettis Global, told reporters that after the rupee’s fall yesterday, a sense of panic prevailed in the market and people thought that the IMF program won’t be completed.
“Nobody was ready to sell dollars. In the black market, the greenback was being sold at Rs290-295,” he said. “Even banks were quoting the rates against the payments.”
