PKR makes a comeback against USD


KARACHI – After dwindling to historic low, the Pakistani rupee made a comeback on the first working day of the week and revived by Rs4.16 in the interbank market.

During the intra-day trading, the local currency recovered around 1.52 percent during the early hours and was quoted at 274.30, with a recovery of 4.16 against the greenback.

Last week, PKR faced huge blows amid IMF uncertainty and dropped around 6.63pc against the US dollar, settling at 278.46.The rupee gained momentum as Pakistan received the first tranche of a $1.3 billion loan from China which help shore up depleting foreign exchange reserves.Globally, the greenback made an uncertain start to the week as investors awaited testimony from Federal Reserve Chair Jerome Powell this week.

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