The US dollar wasted no time in striking back at the spineless Pakistani rupee as the trading in intrabank opened on Thursday. The Pakistani currency which demonstrated some resistance in the morning, later succumbed to pressure in face of the mighty US dollar, reported 24NewsHD TV channel.
As the business started, Pakistani rupee quickly gained 46 paisas but the US dollar within hours struck back and smashed through another historic barrier of Rs207. As the trading concluded, the greenback overall gained Rs1.21 and ended the day at the record level of Rs207.67.
As the trading opened on Thursday, forex dealers reported that the rupee resisted the US dollar’s rise but the greenback roared back hard and flattened the Pakistani currency in no time.
On Wednesday, the US dollar had also demonstrated its prowess and marched to a new historic high, sinking the Pakistani rupee to a new record low.
The US dollar thrashed Pakistani currency hard and appreciated by Rs1.30 and ended the day at a new record level of Rs206.46.
In the open market, the situation was no different as the US dollar appreciated by Rs1.50 and ended the day at Rs208.
Financial experts said that uncertainty on the IMF deal with the government of Pakistan was one of the reasons behind the continued depreciation of local currency against the American currency.
Reporter Ashraf Khan