Rupee sees continuous decline against US dollar in open-market

Rupee sees continuous decline against US dollar in open-market

Karachi (Web Desk): The Pakistani rupee continued to decline by Rs1 against the US dollar in the open market on Monday.

The rupee was traded at 289 for selling and 286 for buying purposes for customers.

During the previous week, the PKR lost 3 rupees for both buying and selling against the USD, closing at 285.00 and 288.00, respectively, according to data provided by the Exchange Companies Association of Pakistan (ECAP).

In the inter-bank market, the rupee was hovering at Rs287.50 against the US dollar after seeing a rise of 47 paisas.

The gap between rates in the inter-bank and open markets is required to be less than 1.25% under one of the structural benchmarks set by the International Monetary Fund (IMF).

The local value continued to lose its value against US dollar despite its best performance in September this year after the crackdown and short-term measures to lift the local economy and to re-gain the lost value of the rupee.

It is pertinent to mention that Pakistan and the IMF initiated technical level discussions on the first review on November 03 and policy level talks are likely to be held from November 13 (Monday) onwards.