The emboldened Pakistani rupee’s comeback run gained momentum on Friday, as the local currency gained nearly four rupees against the US dollar in interbank trading.
Expecting a tranche of the IMF-revitalized loan programme in the near future, the Pakistani rupee gained Rs3.88 against the US dollar in the first hour of interbank trading.
The US dollar was now trading at Rs215.
On Thursday, the rupee settled at Rs218.88, a Rs3.03 increase against the US dollar. The trend was similar in the open market, where the US dollar fell two rupees to Rs216.
In the interbank market, the Pakistani rupee has continued its recovery against the US dollar for the eighth consecutive working session.
The Pakistani rupee gained as much as 10% in the first few days of August, the most in over five years, after falling to a record low at the end of last month.
The US dollar has lost nearly 8% of its value against the rupee in recent trading sessions, while the Pakistani rupee has made huge single-day gains against the US dollar.
Previously, the local currency had fallen by more than 13% in the previous ten working days, with an all-time low closing at 239.94 Pakistani rupees on July 28, according to SBP statistics.
