Rupee Shows Signs of Recovery, Gaining Over 10% Against Dollar in Recent Weeks

Rupee closed at 277.62 per dollar on Friday, gaining 1.43% over last 5 sessions. Analysts say it can continue appreciation in controlled environment.

IMF's next review of Pakistan's loan program is due in November, seen as crucial for rupee's performance.

Rupee has recovered 10.62% against dollar in last 27 working days after hitting record low of 307.10 on Sept 5.

SBP governor said Pakistan has met some IMF targets for end-Sept, raising optimism of passing first review.

Analysts expect rupee to consolidate around 275-285 level, as lower would hurt exports and provide unreasonable subsidy to imports.