The Pakistani rupee recorded a further decrease against the US Dollar in interbank trading on Thursday, signalling a bleak start for the local currency.

The US Dollar appreciated by 8 paisas, starting trade at Rs279.40 in interbank market, marking a notable fall in the value of the rupee.

Also Read: Moody’s sees Pakistan’s credit outlook to negative amid political uncertainty

In the open market, however, the US Dollar is being traded at Rs282.

At the close of trading on Thursday, the Pakistani currency settled at Rs279.38 after falling six paisas against the Greenback, said the State Bank of Pakistan (SBP).

Interbank closing #ExchangeRate for today https://t.co/5KeIpoJvJg #SBPExchangeRate pic.twitter.com/N3JE0i7Ywk
— SBP (@StateBank_Pak) February 15, 2024

On Wednesday, the rupee fluctuated a bit and eventually settled at R279.32 against the US Dollar, as per the SBP.

Interbank closing #ExchangeRate for today https://t.co/7Ixa9hGChk #SBPExchangeRate pic.twitter.com/tPZCl8SDjj
— SBP (@StateBank_Pak) February 14, 2024

Also on Thursday, the Moody’s rating agency in its latest report, said political uncertainty persisted in Pakistan following inconclusive election results, calling it a credit negative. It stated that uncertainty around Pakistan’s ability to quickly negotiate a new International Monetary Fund (IMF) programme after the current one expires in April 2024 remains very high.