Pakistani rupee’s comeback sprint against US dollar picks up paceBreaking

August 12, 2022

The emboldened Pakistani rupee’s comeback run gathered further momentum on Friday as the local currency was appreciated by nearly four rupees against the US dollar in the interbank trading. Expecting a tranche of the IMF-revived loan programme in near future, the Pakistani rupee surged its value by Rs3.63 against the US dollar within two hours as the trading activity started. The greenback was now being traded at Rs215.25 by 11:30am. On Thursday, the local currency managed to settle at Rs218.88, up by Rs3.03 against the US dollar. The trend was same in the open market, where the greenback lost two rupees in its value to Rs216.

The Pakistani rupee has continued its recovery drive against the US dollar for a eighth consecutive working session in the interbank market. The Pakistani rupee gained as much as about ten 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 eight 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 local 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