PKR continues recovery against USD in interbank

KARACHI: After witnessing downward trends for 7 consecutive sessions, the Pakistani rupee (PKR) on Wednesday appreciated against the United States (USD) dollar in the interbank currency market.

According to the forex dealers, the local currency gained Rs0.12 against the greenback to trade at Rs223.30.


The dollar is being sold between Rs227 to 230 in the open market, the forex dealers said.

The PKR closed at 223.42 the other day.

Earlier today, Nomura has warned that seven countries – Egypt, Romania, Sri Lanka, Turkey, Czech Republic, Pakistan and Hungary – are now at a high risk of currency crises.

The Japanese bank said that 22 of the 32 countries covered by its in-house “Damocles” warning system have seen their risk rise since its last update since May, with the largest increases in the Czech Republic and Brazil.

Egypt, which has already devalued its currency heavily twice this year and sought an International Monetary Fund (IMF) programme, now generates the worst score at 165.

Romania is next on 145 having been propping up its currency with interventions. Default-stricken Sri Lanka and currency crisis-regular Turkey both generate scores of 138, while the Czech Republic, Pakistan and Hungary notch 126, 120 and 100 respectively.


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