Pakistani Rupee Maintains Position After Sharp Recovery Against the US Dollar
Pakistani Rupee Maintains Position After Sharp Recovery Against the US Dollar Owing to the closing of the US markets due to Thanksgiving, the Pakistani Rupee maintained its yesterday’s position, posting a minimal gain of 0.9 paisas. The PKR closed at 159.26 as compared with Wednesday’s closing of 159.27. The domestic currency was traded in a narrow range of 75 paisas per USD in the intraday today. PKR is, once again, on its road to recovery against the US dollar, as it appreciated 81 paisas versus the greenback yesterday after jumping almost one rupee the day before. The local currency has gained 1.1 percent or Rs. 1.78 so far this week. During the past two days, PKR recovered from almost a week-long string of losing against the USD, bouncing back to the 159 level, due to a decline in the purchase of dollar from importers. A.A.H Soomro, Managing Director at Khadim Ali Shah Bukhari Securities, while commenting on the Rupee had said on Wednesday, Rupee would continue to swing pendulu