The rupee continued losing ground against the US dollar which was available for Rs166.92 after gaining nine paisas by the time inter-bank trading closed on Thursday.

On the other hand, the dollar gained Rs1.50 in open market as its exchange rate stood at Rs168.

Meanwhile, the pound sterling too got stronger by 89 paisas against the rupee as it was available for Rs207.24 in inter-bank rate.

However, a slight decrease was recorded in the case euro which traded at Rs182.26 after losing 47 paisas.

Last week, the US dollar reached the record high of Rs169 on Friday morning but suddenly lost Rs4 in inter-bank rate against the rupee in the afternoon after the State Bank of Pakistan (SBP) intervened to check the upward curve in its value.

The SBP had pumped around $300 to $400 million into the system to stabilise the exchange rate after the day began with more bad news for the rupee as it became weaker with the dollar reaching the value of Rs169, the highest in the history.

Meanwhile, former finance minister Ishaq Dar on Wednesday said that the transfer of “hot money” from Pakistan was the reason behind the weakening rupee. It was a continuation of the PTI government’s devaluation-driven disaster, he added.

https://twitter.com/ MIshaqDar50/status/ 1245383249414762500

In a tweet, Dar claimed that $2.1 billion had been transferred out of the country by March-end after a total of $3.5 billion came into Pakistan because of the “exorbitant” interest rate of 13.5 percent.