Rupee continues to appreciate against US dollar, gains Rs3.03 in interbank trading

Gains around 1.38% of value against the greenback
<p>Photo: SAMAA/file</p>

Photo: SAMAA/file

The dollar continued to lose ground against the rupee on Thursday, as it slid to a low value of Rs218.88 during trading in the interbank.

According to data released by the State Bank of Pakistan (SBP) on Thursday, the rupee closed the day’s trading having gained around Rs3.03 in value, appreciating by 1.38% of its value.

Earlier in the day, during intraday trading, the rupee had gained as much as Rs5.45 as a single US dollar was traded for as low as Rs216.46.

On Thursday, the interbank currency market opened with the US dollar valued at Rs221.91.

The rupee continues to strengthen on the back of news that Pakistan is about to receive two tranches from the International Monetary Fund (IMF) soon.

The news has meant that the US dollar has seen around Rs21.05 of its value eroded in the past fortnight.

The last time a US dollar cost this much was a little over three weeks ago when the US dollar rose to the value of Rs221.99 from Rs215.20 within 24 hours on July 18-19.

An downward trend was noted in dollar during the first week of August in the local currency markets.

dollar rate

US dollar

dollar exchange rate

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