The Pakistani rupee has finally made a recovery against the dollar on Friday, closing at Rs185.9 in the interbank market.
The development is largely seen as the result of the Supreme Court’s order to restore the National Assembly along with the central bank’s decision to increase the policy rate by 2.5 percent.
According to the Forex Association of Pakistan (FAP), the dollar devalued by Rs2.28 on Thursday closing at an all-time high of Rs188.18. Yesterday, the dollar trampled the rupee once again as it was traded as high as Rs190 in the interbank market but finally closed with an appreciation of Rs2.05.
However, the rupee recovered today and was trading at Rs185.4. In the open market, it was selling at Rs188.05 with the buying rate at Rs186.3.
General secretary of the Exchange Companies Association of Pakistan, Zafar Paracha, while talking to local media, declared rupee’s recovery as smart. He expressed hope that the pressure on the currency would decline as the political crisis in the country subsides.
On Thursday, in its verdict, the apex court restored the National Assembly (NA) after declaring government’s decision to dissolve the assembly and NA Deputy Speaker Qasim Suri’s ruling as against the constitution.
The apex court ordered National Assembly Speaker Asad Qaiser to summon the session of the house on Saturday (April 9) by 10:30am and hold a vote on the no-confidence motion tabled against the premier.