Pakistani rupee takes another big bite off US dollar, soars by Rs2.13
Local currency appreciated by over Rs2.13 taking the greenback down to Rs221.90
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The rupee skyrocketed by Rs2.13 taking down the US dollar’s value to Rs221.91 by the close of business.
However, the dollar rate in the open market was down by Rs4 closing at Rs218 from Rs222.
The Pakistani rupee gained as much as 8.5% in the first few days of August, rising the most in over five years, after it plunged to a record low towards the end of July.
The US dollar lost more than six percent of its value against the rupee during the last five trading sessions, with the Pakistani rupee making huge single-day gains against the US dollar on Wednesday when it appreciated by more than nine Pakistani rupees in the interbank market.
Earlier, the currency had slumped by more than 13 percent in the prior 10 consecutive working days, with an all-time low closing at 239.94 Pakistani rupees on July 28, according to the SBP statistics.
Reporter Ashraf Khan