Dollar continues to slide against rupee, falls by Rs1.51 in interbank

Greenback falls to Rs213.98 during intraday trading
Aug 15, 2022
<p>Photo:SAMAA/file</p>

Photo:SAMAA/file

The rupee continued to gain ground against the US dollar for 12th consecutive working day, as the latter dropped to a low of Rs213.98 during intraday trading.

According to data released by the State Bank of Pakistan (SBP) on Monday, the rupee continued to appreciate against the US dollar, improving by another 0.71%.

Earlier on Friday, the interbank currency market closed with the US dollar valued at Rs215.59 in the interbank and Rs212.50 in the open market.

According to currency dealers, the value of the dollar is expected to drop further in the coming days as the country expects to receive two tranches from the International Monetary Fund (IMF) worth $1.2 billion.

Last week, the rupee received a boost after news broke that the IMF had sent a letter of intent to the Pakistani government ahead of approving resumption of its loan.

Open market remains lower

Meanwhile, in the open market, the dollar remained lower than the interbank with a value of Rs210.

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