The Pakistani rupee appears to be in the recovery mode against the US dollar, as it continues to regain its value against the mighty American currency.
On Tuesday morning, the dollar started the day by further dropping in value by Rs1.66 in the interbank currency market. This has caused the dollar to fall below the important milestone of Rs300.
In the interbank market, the US dollar was trading at Rs299.50 at the start of the business hours.
The currency closed the day with a loss of Rs1.28 and was traded at Rs299.88.
Since reaching a historic peak over the past few weeks, the US currency has lost Rs7.22, according to an interbank currency dealer.
Moreover, in the open market, the dollar lost Re1 and achieved the value of Rs299. Since its historic high rate compared to the rupee, the US currency has lost Rs31 in the open market.
The mighty greenback has dropped below the significant Rs300 mark after around 20 long days in both interbank and open markets.
On Monday also, the value of the US dollar continued its downward spiral, as the local currency kept regaining its lost ground. At the start of the first day of the trading week, the American currency lost 95 paisas in the interbank market and fell back to Rs302.
A short while later, the greenback lost Rs1.55 to the Pakistani rupee and dropped to Rs301.4 in the interbank market. The dollar closed the trade for the day with a loss of Rs1.79 and was traded at Rs301.16.
The American currency had taken a hit over the last week against the Pakistani rupee and dropped significantly in both the interbank and open markets, eventually achieving an equal value in both.
According to an interbank currency dealer, the dollar has dropped by a massive Rs6.10 since hitting a record high rate.
In the open currency market, the dollar has come down by Rs2 to Rs300, as per the dealer. Since achieving a record high level, the American currency has lost a good Rs30.
