Dollar returns increased by 6 increments before Eid.

According to the State Bank data, the rupee depreciated by Rs10.35 in six sessions, shedding all the gains it had made after a short-term, $3 billion agreement with the IMF.

On June 27, the rupee closed at 285.99 in the interbank market on the last trading day before Eidul Azha, before rising by 3.83pc to 275.44 in the next session on July 4.

The rupee has lost value even though State Bank’s reserves have jumped to $8.7bn, close to the reserves in October 2022