Rupee recovers against dollar in open market.

KARACHI -- The Pakistani rupee on Wednesday gained its strength by 20 paisa and hit Rs155.90 against the US dollar in the open market. In the interbank market, the exchange rate of US dollar against rupee witnessed slight increase of 10 paisa and was traded at Rs155.78. Earlier, the World Bank forecasted Pakistan's economic growth to slow down for the next two years as it faces yet another macroeconomic crisis due to massive twin deficits and low foreign reserves.

Despite significant devaluation, the WB still sees the rupee overvalued by the end of September by approximately 4.8%. In the last two months, the local currency was observed to significantly recover against...