Pakistani rupee sinks US dollar with another heavy blowBreaking

August 12, 2022

The Pakistani rupee, buoyed by the prospects of receiving tranche of the IMF-revived loan programme in near future, delivered another heavy blow to the US dollar as the interbank trading started on Thursday morning. The rupee soared by Rs2.91 taking down the US dollar’s value to Rs219 in the first hour of the business. The Pakistani rupee has continued its recovery drive against the US dollar for a seventh consecutive working session in the interbank market. The greenback closed at Rs221.91 on Wednesday when the local currency was appreciated by 0.96 percent as compared to the previous day’s close. The dollar rate in the open market on Wednesday was also down by Rs4 closing at Rs218 from Rs222.

The Pakistani rupee gained as much as about nine percent in the first few days of August, rising the most in over five years, after it plunged to a record low towards the end of the last month. The US dollar lost nearly seven percent of its value against the rupee during the last few trading sessions, with the Pakistani rupee making huge single-day gains against the US dollar. Earlier, the currency had slumped by more than 13 percent in the prior 10 consecutive working days, with an all-time low closing at 239.94 Pakistani rupees on July 28, according to the SBP statistics.

Independent News Pakistan-INP