Rupee’s decline continues against US dollar despite IMF loan

The US dollar on Wednesday continued its upward trajectory against rupee despite receiving a loan tranche of US$1.16 billion from the IMF. According to forex dealers, the US dollar rose by Rs1.08 in the interbank against the rupee and traded at Rs222.50 while the banks are selling it at Rs222.95. In open market, the US dollar traded between Rs232 and Rs234. The Pakistani rupee continued to lose its value for the third consecutive session, falling by Rs1.56 against the US dollar in the interbank market on Tuesday. According to data shared by the State Bank of Pakistan (SBP), the local currency closed at Rs221.42 per dollar, having depreciated 0.70 per cent.