Rupee continues to recover, gains 70 paisa against US dollar

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By Abdul Rafay Siddiqi

KARACHI: The Pakistani rupee registered 70 paisa appreciation in its value against the US dollar in the interbank market yesterday.

According to foreign currency dealers, the local unit appreciated by 0.70 paisa and traded at 160.20 against the greenback in the interbank market.

Last week, the Pakistani rupee registered Rs3.57 appreciation in its value against the US dollar in the interbank market.

The rupee appreciated by Rs 0.42 against the United States (US) dollar in the interbank market on Monday.

Earlier in the month of April, the Pakistani rupee registered Rs3.57 appreciation in its value against the US dollar in the interbank market.

On the other hand, Asian markets  sank Thursday following another sell-off in New York after the head of the Federal Reserve warned of “lasting damage” to the economy from shutdowns caused by the coronavirus, compounding worries about a second wave of infections.

All three main indexes on Wall Street ended sharply down for a second successive day, and Asia followed suit.

Tokyo, Shanghai, Hong Kong, Taipei, Singapore and Bangkok all fell one percent or more. Sydney dropped 1.7 percent after data showed almost 600,000 Australians lost their jobs in April and Prime Minister Scott Morrison warned of further economic pain to come.

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