Pakistani Rupee lost value against US dollar

Pakistani Rupee lost value against US dollar

KARACHI – The Pakistani rupee registered marginal losses against the US dollar, depreciating 0.27% in the interbank market during the opening hours of trading on Friday.

At around 12pm, the rupee was being quoted at 271.25 during intra-day trading, a decline of Re0.74.

The rupee had closed on Thursday at 270.51 against the US dollar.

However, the IMF and Pakistani authorities have been unable to reach staff-level agreement after a week-long discussion.

Meanwhile, the country’s total liquid foreign exchange reserves further shrunk by $202 million during the last week.

The dollar was on the backfoot on Friday after an overnight slide as investors tread with caution ahead of US inflation data next week, with worries over an economic slowdown and the pace of the Federal Reserve’s rate hikes hitting sentiment.