ISLAMABAD, May 12 (Xinhua) -- The Pakistani rupee has gained a strong recovery after touching a historic low against the U.S. dollar as the greenback was traded at 285.08 rupees in the interbank market on Friday, according to the State Bank of Pakistan.
The U.S. dollar closed at 298.93 rupees on Thursday. On the last working day of the week, the local currency appreciated by 13.85 rupees, or 4.86 percent, against the U.S. dollar, official figures showed.
The rupee remained volatile this week due to political instability in the South Asian country, which was triggered by the arrest of Pakistan's former Prime Minister Imran Khan on Tuesday.
According to market analysts, the dust started to settle after the Supreme Court on Thursday evening ordered police to immediately release the former prime minister.
Additionally, the latest statement by Finance Minister Ishaq Dar that Pakistan could manage without the International Monetary Fund's bailout package and has other alternative options also generated positive sentiments in the market with a significant recovery of the local currency.
