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 intraday trading, the local currency gained about 1.52% in the early hours, trading at 274.30 and recovering 4.16 against the dollar.
Last week, the PKR took a big hit amid the IMF uncertainty, dropping about 6.63% against the US dollar to settle at 278.46.
The rupee gained momentum as Pakistan received the first tranche of a $1.3 billion loan from China.
Globally, the dollar got off to a shaky start as investors awaited testimony from Federal Reserve Chairman Jerome Powell this week.
