After showing a slight recovery in the morning, the Pakistani rupee lost the ground to the US dollar again with a gain of Rs0.06 in the interbank market.
According to data released by the State Bank of Pakistan (SBP) on Thursday afternoon, the rupee depreciated by 0.03%.
During trading on Thursday morning, the rupee gained around 15 paisas as it improved on its overnight value of Rs239.65 to 239.50.
As small as it was, this was the first gain made by the rupee against the dollar in two weeks where it has cumulatively lost around Rs21.05.
However, by the end of the day, the dollar rebelled again, climbing up to Rs239.71 in the interbank market.
Open currency market
In the open currency market, the dollar fell by a rupee with its value coming down to Rs244.
Pakistan’s external debt has increased by Rs2 trillion as a result of the increase in the value of the dollar.
According to the currency dealers, food imports of $1 billion have caused a boost in the demand for dollars.
Even the IMF program’s restoration was unable to lower the value of the dollar.