Pakistani rupee slightly recovers against USD after touching record low
The US dollar closed at a record high of 307.10 rupees on Tuesday
The Pakistani rupee slightly recovered against the US dollar after touching a record low, as the greenback was traded at 306.98 rupees in the interbank market on Wednesday, according to the State Bank of Pakistan.
The US dollar closed at a record high of 307.10 rupees on Tuesday. On the third session of the week, the local currency appreciated by 0.12 rupees against the US dollar.
The open market has been experiencing significant decrease in the value of the rupee for the last few sessions.
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"The rupee is dropping in the open market due to a fire sale," Sajid Amin Javed, an economist at the Sustainable Development Policy Institute, a local think-tank, told Xinhua.
When holders of the dollar, particularly speculative buyers, feel that the rate has achieved the optimum level, they clear their stocks, he said.
"We must be ready for another surge soon," he said.
