The Pakistani rupee suffered a depreciation of Rs2.78 against the US dollar in interbank trade on Tuesday.
As per the Exchange Companies Association of Pakistan, the local currency was being traded at Rs291.27 during the afternoon session, compared to the previous closing rate of Rs288.49.
In the open market, the dollar was being exchanged for Rs297, which witnessed an increase of one rupee from the previous day.
On Saturday, the US dollar had soared to 302 against the rupee in the open market, surpassing the boundaries set by the International Monetary Fund (IMF) to maintain a difference of 1-1.5 per cent between the open and interbank exchange rates.
Under the $3 billion standby arrangement signed with the IMF in late June, the previous coalition government had agreed to ensure a uniform exchange rate in both interbank and open markets, allowing a marginal difference of up to 1.5% in the open market’s value.
We will provide more updates as the situation unfolds.