KARACHI: For the third straight session, the Pakistani rupee lost value versus the US dollar in the interbank market, sliding by Rs1.56, according to ARY News on Tuesday.
The State Bank of Pakistan (SBP) published data showing that the local currency declined 0.70 percent to settle at Rs221.42 per $1.
According to the Forex Association of Pakistan (FAP), the US dollar was trading in the open market for between Rs232 and Rs234 at the time.
Even though Pakistan received a US$1.16 billion loan tranche from the IMF today, the US dollar recorded a marginal gain against the rupee yesterday, continuing its upward trend in the currency market.
Interbank exchange rates for the dollar rose by Rs0.49 to Rs219.47, according to forex traders, while banks were selling it for Rs219.80. The price of the dollar ranged between Rs225 and Rs227 in the open market.
It is important to note that, one day after the State Bank of Pakistan got a loan tranche from the International Monetary Fund, the rupee suffered a setback on Friday after losing value versus the US dollar in the interbank market (IMF).
The receipt of a $1.16 billion loan tranche from the IMF has been verified by the State Bank of Pakistan on Wednesday.
