The Pakistani rupee recorded another reduction during the opening of trade on Tuesday, after several consecutive gains over the past few weeks.

On Tuesday morning, the Rupee started being traded at Rs279.70 in the interbank market after a decline of 6 paisas against the American Dollar.

Interbank closing #ExchangeRate for todayhttps://t.co/Q6QyRLMIHB #SBPExchangeRate pic.twitter.com/OzQDd2axFM
— SBP (@StateBank_Pak) January 29, 2024

At the start of trading on Monday, the local currency depreciated by 16 paisas in the interbank market, following which the rate of the American currency was recorded at Rs279.75.

As per currency dealers, the Dollar gained huge ground in the open market as well and was available for Rs281.

Also Read: Rupee sees minor drop in value against Dollar

Demand for the Greenback has increased due to an extraordinary increase in foreign investors' remittance of profits from Pakistan.

The currency dealers say that the price of the dollar has decreased due to foreign debt, heavy interest payments and increase in crude oil prices.

Over the last week, the Dollar continued to depreciate for the 11th consecutive week, and gained 31 paisas or 0.11% to settle at Rs279.59 against the mighty Dollar in the interbank market.

The rupee has been apparently strengthening due to the approval of over $700 million as the second tranche of the $3 billion stand-by arrangement from the International Monetary Fund (IMF).