Pakistani rupee recovers against US dollar


KARACHI: The Pakistani rupee appreciated by 30 paisa against the US dollar in the intraday trade.

According to forex dealers, the greenback is currently trading at 166.57 against the domestic currency at the interbank foreign exchange market.

The dollar had finished at Rs166.87 against the local unit the other day.Meanwhile, the dollar bounced off a two-year low globally on Tuesday as selling pressure faded ahead of a Federal Reserve meeting and as political wrangling over the next U.S. fiscal rescue package moved closer to a conclusion.

The world’s reserve currency has been tumbling since May and was dumped in recent days as cracks in the U.S. coronavirus recovery and crumbling yields sent investors elsewhere.

The New Zealand dollar NZD=D3 touched an eight-month top of $0.6702 and then dipped back to $0.6656, while sterling GBP= retreated from a four-month high to sit at $1.2850.

The Japanese yen JPY= weakened 0.3% to sit just below its strongest since mid March at 105.65, and the euro EUR=EBS was last 0.2% softer at $1.1725. The Aussie dollar AUD=D3 gave up early gains dip 0.2 to $0.7133.