The rupee was making substantial gains against the US dollar on Thursday as the greenback lost Rs1.51 against the Pakistani currency in inter-bank rate, 24NewsHD TV channel reported.

The dollar was currently available for Rs160.10 against the trading rate of Rs161.61 recorded Wednesday.

The trend being witnessed on Thursday was in complete contrast to what had been witnessed on Tuesday when the dollar made substantial gains against the rupee. At one point, it was available for Rs161.90 in inter-bank rate.

It means the dollar exchange rate is now lower than the value recorded on Friday, the last working of the previous week.

During the last week, the inter-bank rate had ranged between Rs163.50 on Monday to Rs160.70 on Friday in inter-bank rate. It means the dollar lost Rs2.80 in value against the rupee.

Similarly, the open market saw the dollar exchange rate declining from Rs163 on Monday to Rs160.50 on Friday, meaning the rupee gained Rs3 against the greenback during the same period.

Earlier on the morning of March 27, the US dollar had shattered all the previous records as it was available at the rate of Rs169 in inter-bank rate.

However, a sharp decline by Rs4 was witnessed on the same day after the State Bank of Pakistan (SBP) intervened to check the steep upward curve in its value.