Rupee shows slight recovery against dollar

The rupee has showed a slight recovery against the US dollar after the local currency appreciated to Rs220.41 on Monday.

The recovery of 0.20 percent was recorded at the close of working hours on the first day of week. The rupee recovered by Rs0.43 against its closing value on Friday of Rs220.84 per dollar, according to the State Bank of Pakistan (SBP).

Market experts have termed the appreciation in rupee’s value mainly due to Financial Action Task Force’s (FATF) decision to remove Pakistan from the grey list due to its successful implementation of the watchdog’s action plan.

The decision of Pakistan’s removal was announced by FATF President T Raja Kumar in a press conference after the end of two day meeting held in Paris from October 20-21.

The FATF president had said that significant improvements were made by Pakistan to strengthen effectiveness of framework to combat terrorism financing.

According to experts, Pakistan’s removal from grey list will boost its perception allowing it to attract foreign investment.

On the other side, the dollar index went up by 0.063 percent at 111.87 while euro had gone down by 0.02 percent to $0.858.

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