As intrabank trade began on Thursday, the US dollar lost no time in retaliating against the timid Pakistani rupee. According to reports, the Pakistani rupee, which had shown some resistance earlier in the day, eventually bowed to pressure from the powerful US dollar.
As soon as the trading began, the Pakistani rupee gained 46 paisas, but the US dollar rapidly retaliated, breaking another record barrier of Rs207. As the trading day progressed, the greenback gained Rs1.29 and was trading at a new high of Rs207.75.
Forex dealers claimed that the rupee withstood the US dollar’s surge as trading began on Thursday, but the greenback roared back.
The US dollar had also shown its might on Wednesday, marching to a new historic high and sending the Pakistani rupee to a new low. The Pakistani currency was hammered by the US dollar, which gained Rs1.30 and closed the day at a new high of Rs206.46.
The situation was similar in the open market, with the US dollar appreciating by Rs1.50 to conclude the day at Rs208.