Dollar on slippery slope against rupee, slides by 0.07% in interbank

KARACHI: The Pakistani rupee continued to gain ground against the US dollar with the latter dropping to a low of Rs217.75 in the interbank market on Thursday morning. According to data released by the State Bank of Pakistan on Thursday afternoon for interbank trading, the rupee closed out the day at Rs218.60.
The greenback lost around Rs0.15 in value during intraday trading in the Inter bank.
The US dollar has cumulatively lost around Rs4 in three days in the interbank market.
Earlier on Wednesday, the US dollar had closed at Rs218.75 in the interbank market or 0.63% lower, according to the State Bank of Pakistan.
The rupee is growing stronger against the greenback on the back of the IMF decision to approve a $1.17 billion loan tranche for Pakistan.
In the open currency market, the US dollar rose by Rs0.50 and was being traded at Rs219.
On Wednesday, the US dollar shed Rs2 in the open market.
Political and economic uncertainty pushed the US dollar to Rs240 on July 28, but the rupee rallied against the greenback when prospects of the IMF deal improved.
However, the local currency came under pressure after renewed political tensions fueled uncertainty.- NNI