PKR makes massive recovery of Rs13.78 against US dollar.

ISLAMABAD -- In a significant development, PakiAstani rupee has recovered sharply on Friday by gaining Rs13.78 per US dollar to close at 285.08 in the interAbank market.

Earlier, Pakistani rupee had touched all time low 298.9 against US dollar on Thursday in interbank, following uncertainty on political as well as economic fronts. HowevAer, the local currency has unexpectAedly bounced back on Friday after its value improved by Rs13.78 to Rs285.08 against US dollar. MeanAwhile, dollar was trading at around Rs295 in open market.

Market sources said that rupee has recovered mainly due to several reaAsons including 'improved' political situation after Supreme Court's deAcision on Imran Khan's case and deAcrease in demand from the importAers. They said that currency has appreciated over hopes that the poAlitical situation would improve after the Supreme Court decision terming Imran Khan's arrest unlawful.

The local currency is under presAsure for the last one year as it had depreciated by over Rs100 against US dollar...