As Thursday’s interbank trading began, the Pakistani rupee had dealt another heavy blow to the US dollar, bolstered by the prospect of receiving a tranche of the IMF’s revived loan programme in the near future.
In the first hour of trading, the value of the rupee rose by Rs2.41, reducing the price of the US dollar to Rs219.50.
The interbank rate at which the Pakistani rupee trades against the US dollar has risen for the seventh consecutive trading session.
On Wednesday, the local currency appreciated by 0.96 percent against the dollar, closing at Rs221.91.
On Wednesday, the open market dollar rate dropped by Rs4, from Rs222 to Rs218.
After falling to a record low at the end of July, the Pakistani rupee surged as high as nine percent in the first few days of August, the largest gain in more than five years.
Recently, the Pakistani rupee has made huge one-day gains against the US dollar, and the US dollar has lost nearly seven percent of its value against the rupee.
According to SBP data, the currency dropped by more than 13% over the course of 10 consecutive business days, reaching a record low of 239.94 Pakistani rupees on July 28.
