After a significant fall during the previous week, the Pakistani rupee finally snapped its losing skid against the US dollar on Tuesday, rising by Rs4.43.
In intraday trade, the rupee was trading at 266.75, up about 1.07 percent, as Pakistan and the IMF continued their stalled bailout package talks.
Earlier on Monday, the dollar reached an all-time high of Rs272 while the rupee fell by Rs7. The local currency experienced its largest one-day devaluation in more than 20 years last week when it fell by Rs24.54 in the interbank market.
The rupee’s recovery was credited by financial experts to exporters surrendering some of their profits as remittances and exports continued days after the dollar ceiling was lifted.
The country of nearly 220 million people is facing its worst economic crisis, and the $3.68 billion in key foreign reserves kept by the central bank of the nation are insufficient to finance imports for one month.
