The Pakistani rupee recorded a further decrease against the US Dollar in interbank trading on Tuesday, signalling a bleak start for the local currency.
The US Dollar appreciated by 16 paisas, starting trade at Rs279.50 in interbank market, marking a notable fall in the value of the rupee.
Also Read: Rupee sees minor drop against US Dollar
At the end of the trading session on Monday, the American currency had closed at Rs279.33 after an increase of 5 paisas in its interbank rate.
Interbank closing #ExchangeRate for today https://t.co/l24f9PI69c#SBPExchangeRate pic.twitter.com/mVBiiMalRs
— SBP (@StateBank_Pak) February 12, 2024
Sources indicated on Monday that negotiations between the IMF and Pakistan's newly elected government are imminent for the final economic review.
An IMF delegation is expected to arrive after the establishment of the new government to discuss the last tranche of $1.10 billion from the current $3 billion loan program.
Despite the caretaker government's fulfillment of IMF targets, sources suggest that the delegation is not inclined to negotiate with them.
