We investigate the periodically modulated two-level systems with balanced gain and loss by means of a multiple-scale asymptotic analysis. The pseudoparity-time symmetry (2013 Phys. Rev. Lett. 110 243902), which is often neglected in exact numerical simulations and totally lost in the commonly used high-frequency averaging approximation, has been fully understood in the framework of the second-order perturbative theory. Our work indicates that the multiple-scale asymptotic expansion method can be used to predict precisely some subtle and important dynamical behaviors in periodically driven systems.