US Dollar recovers and climbs vs Rupee

In interbank trade on Tuesday, the Pakistani rupee continued to fall against the US dollar, indicating a dismal start for the local currency.

The value of the rupee declined significantly as the US dollar gained 16 paisas and began trading at Rs279.50 in the interbank market.

The US currency finished at Rs279.33 at the end of Monday’s trading session, with a rise in its interbank rate of 5 paisas.

On Monday, sources said that talks for the last economic assessment between the IMF and the recently elected government of Pakistan are about to happen.

Following the formation of the new administration, an IMF mission is anticipated to arrive to negotiate the final $1.10 billion tranche of the $3 billion loan programme.

Although the interim administration has met its IMF obligations, there are rumours that the delegation is unwilling to engage in talks with them.