On Thursday, the Pakistani rupee appeared to be resuming its pounding against the US dollar. According to foreign currency dealers, the Pakistani rupee gained Rs0.13 to Rs201.40 in early morning trade.
Following a three-day beating at the hands of the US dollar, the rupee showed some courage on Wednesday and now on Thursday, scoring a strong gain of Rs2.02, driving the dollar down to the Rs200 barrier, which was now trading at Rs199.50.
According to forex dealers, the US dollar is being traded in the open market for between Rs202 and Rs206.
Interbank closing #ExchangeRate for todayhttps://t.co/NRJrvI3HAq pic.twitter.com/hiE88EiXbQ
— SBP (@StateBank_Pak) June 8, 2022
After reaching an all-time high of Rs202.83 against the rupee on Tuesday, the greenback fell Rs1.31 to settle at Rs201.52 on Wednesday.
Forex traders were wary as the rupee began the day strongly but subsequently settled for a much smaller gain against the US dollar.
Yesterday, the US dollar closed at Rs201.52, down Rs1.31.
The rupee’s rebound is ascribed to the government’s tighter monetary policy, which has banned all imports save essential products and raw materials in order to reduce the balance of payments.
