On Tuesday, the US Dollar opened the trading session with a value of Rs287, as the interbank exchange rate saw a slight dip of 55 paisas.

In the interbank trading, the Dollar closed at Rs 287.87 on Tuesday. Since October 16, the American currency has appreciated by Rs 11.04.

In the open market, the US Dollar remained unchanged at Rs289. Since October 16, it has gone up by Rs12.

Interbank closing #ExchangeRate for todayhttps://t.co/CMM217Ksfv #SBPExchangeRate pic.twitter.com/Db6Lb7Fyzc
— SBP (@StateBank_Pak) November 14, 2023

On Monday, the US Dollar had appreciated for the 15th consecutive day, and closed the trading session with a value of Rs287.55.

It had opened the trading session with a value of Rs287.50, as the interbank exchange rate saw a notable rise of 47 paisas.

Also Read: US Dollar sees sharp rise against Pakistani Rupee

In the open market, the foreign currency saw a surge of Re1 on Monday and reached the value of Rs289.

The American currency has continued its sharp upward trend over the past couple of weeks, as Pakistan engages in crucial talks with the International Monetary Fund to clinch the next instalment of over $700 million from a billion-dollar loan programme.

On Monday, Pakistan’s discussions with the International Monetary Fund (IMF) resulted in an agreement to maintain the country’s annual tax collection target at Rs9,415 billion. The decision emerged from policy-level talks.

The international lender acknowledged the commitment of Pakistan’s tax authorities to uphold this annual tax target without the need for a mini-budget.

The discussions emphasized an assurance from the caretaker government that no new taxes would be imposed. Instead, efforts will be directed towards enhancing administrative measures to bolster tax revenue.