Rupee stages smart recovery

KARACHI: Pakistan’s rupee staged a smart recovery against the US dollar Tuesday after the central bank prod banks to curb speculations in the currency market.

In early Tuesday trade, the rupee gained 90 paisas to 102.20 to a dollar in the official interbank market.

Dealers said that the State Bank of Pakistan Monday convened an emergent meeting of the commercial banks. In the meeting, the banks were advised to avoid speculation-based dollar buying as country’s economic fundamentals are strong.

Ongoing political crisis is weighing on the capital and currency markets. The rupee slid sharply Monday to hit a six-month low amid panic dollar buying.