A day after making a recovery of almost Rs10, the rupee’s strong gains against the US dollar tempered on Thursday, gaining Rs2.65 against the Pakistani rupee on Thursday. According to data issued by the State Bank of Pakistan (SBP) on Thursday, the rupee closed out the trading day on Thursday at a value of Rs226.15. It was up just 1.17% from Rs228.80, the level it closed at on Wednesday.
— SBP (@StateBank_Pak) August 4, 2022
Pakistani Rupee Has Continued the Momentum of Gaining Against the US Dollar
Moreover, the rupee has recovered around Rs13.79 in value against the US dollar since late last week when it started to make strong gains. Earlier, during intraday trading, the rupee had gained as much as Rs6.05 against the dollar in the interbank. Spot rates in intraday trading in the interbank showed that the rupee had strengthened to Rs222.75 against a US dollar on Thursday morning, as it continued to build on the momentum from three days of consistent gains.
Earlier during the day, USD was traded at a low of Rs220. It meant that the rupee had strengthened by Rs8.80. Meanwhile, in the open market, a US dollar was being traded for as low as Rs221, with the price of the rupee dropping by Rs5. Rates notified by the Forex Association of Pakistan on Thursday afternoon showed that the US dollar was selling in the open market for Rs221.
PKR Had Gained Rs11.14 Against the USD on Wednesday
On Wednesday, the State Bank of Pakistan said that the rupee finished at Rs228.80 in the interbank, making an unbelievable gain of 4.19% or around Rs9.58. Over the past four trading days, the rupee has gained Rs11.14 against the USD. However, these increases came after a period in which it had lost around Rs30.14.