On Thursday, the rupee maintained its advances against by the dollar for a fifth straight day in the interbank market.
According the Forex Association of Pakistan, the local currency increased by Rs4.6 versus the dollar to reach Rs224.2 by 12:55 p.m. (FAP).
The rupee was also being traded in the market at a rate of 221.
The local currency saw its biggest one-day rise in years the day before, jumping Rs9.59 or 4.2% in the interbank market to settle at Rs228.80.
According to data from the central bank, the rupee’s rise was the greatest since 1999, according to Fahad Rauf, chief analyst at Ismail Iqbal Securities, who spoke to Reuters.
The rupee had been battered against the dollar for two weeks when, on July 28, it reached its lowest point, closing at 239.94. After then, it began to recover, increasing by Rs11.5 until Wednesday.
The decreased import bill for July, which was anticipated to drop even more in August, according to Zafar Paracha, general secretary of the Exchange Companies Association of Pakistan (Ecap), was one of the factors contributing to the rupee’s rebound.
