KARACHI: The rupee made a sharp recovery of 1.13 per cent against the US dollar in the interbank market on Friday as the government increased the petroleum prices by a whopping Rs30 a litre paving the way for the release of a $1 billion tranche from the International Monetary Fund.
However, the currency dealers said the new exchange rate was not sustainable.
Since the new government took charge in the second week of April, the dollar kept moving upward and gained Rs19 till May 26. However, the greenback on Friday traded against the previous trend and lost Rs2.25 in a single session to Rs199.76 from Rs202.01 on Thursday.
In the open market, the dollar was traded at Rs201 against Rs203 a day earlier.
