Continuing its recent strengthening trend against the mighty US dollar, the Pakistani rupee gained further ground at the opening of the trading session on Thursday.
The decline in the value of the dollar has persisted, with the interbank rate experiencing a notable drop of 90 paisas.
In a recent development, the value of the US dollar witnessed a modest decline in the interbank and open market exchange rates in Pakistan. In the interbank market, the dollar saw a drop of 1 rupee, settling at a rate of Rs287.75.
Similarly, in the open market, the US dollar experienced a depreciation of one and a half rupees, bringing its selling price to 288 rupees and 50 paisas.
The US dollar closed the day's trading activity with a drop of Rs1.1 to settle at Rs287.74, while in the open market it saw a decline of Rs2 to close at Rs288 on Thursday evening.
Over the last 17 days, the American currency has depreciated against the rupee by Rs19.36 in the interbank market and Rs42 in the open market.
The steady depreciation of the dollar against the Pakistani rupee is a significant development in the local financial landscape.
In the interbank market, the rupee started trading at Rs288.64, after an increase of Rs1.16 on Wednesday morning.
Later, the greenback dropped by a further Re1 and was traded at Rs288.80, while in the open market also the currency lost Re1 to settle at Rs290.
At the time of closing of the trading session for the day, the US dollar closed at Rs288.75 after a fall of Re1, as per the State Bank of Pakistan.
In the last three weeks, the dollar has depreciated by Rs40 in the open market, while in the interbank market it has lost Rs18.35.
On Tuesday, the Pakistani rupee strengthened further as the US dollar's value plummeted below the Rs290 mark in the interbank market, reaching its lowest level in one and a half months.
In the interbank market, the American currency closed at Rs289.80, reflecting a substantial depreciation of Rs1.06.
Over a span of just three weeks, this depreciation according to interbank market dealers has amounted to Rs17.30.
In the open market, the dollar also saw a drop of Rs2, standing at Rs291, as reported by currency dealers on Tuesday.
For the past couple of weeks, the Pakistani rupee has sustained its upward trend after touching a record low of Rs307.1 against the American dollar in the interbank market on September 5.
The crackdown on dollar mafia and hoarders has also led to the strengthening of the local currency, leading to a fall in the country's foreign loans.
On the global front, the US dollar was trading near a 10-month high against major currencies on Wednesday. This surge in the US dollar's strength is attributed to elevated Treasury yields, driven by the expectation of a prolonged period of higher US interest rates.