KARACHI: The Pakistani currency made a strong seven-month high recovery of almost Re1 against the US dollar in a single day on Wednesday. The gain helped the currency hit over one-year high at Rs155.74 to the US dollar in the inter-bank market.
The rupee closed at Rs156.71 to a dollar on Tuesday, according to the State Bank of Pakistan (SBP).
The sharp growth in rupee was seen amid news reports that the government has hired an international bank to raise financing through launch of a new bond in world markets. Read more…..
Chart of the Day
Icarus TV
Mohamed El-Erian, president of Queens’ college at Cambridge University and Allianz chief economic advisor, joins Yahoo Finance to discuss the latest Fed decisions, impacts from bond market moves, and inequality due to the pandemic.
