The Pakistani rupee faced a persistent decline against the US dollar, marking its ninth consecutive session of losses with a 0.28% depreciation in the inter-bank market closing on Thursday.
According to data released by the State Bank of Pakistan (SBP), the rupee settled at 283.43, showing a decline of Re0.78. Just a day earlier, the rupee had experienced a 0.42% depreciation, settling at 282.65 against the US dollar.
In addition to its struggle in the interbank market, the Pakistani rupee also weakened further against the US dollar in the open market. Currency dealers reported that the rupee was quoted at 284.5 for selling and 281.5 for buying purposes.
This was a notable shift from the previous day when it closed at 283.5 for selling and 280.5 for buying, according to data provided by the Exchange Companies Association of Pakistan (ECAP).
In a related development, Pakistan and the International Monetary Fund (IMF) are set to commence talks regarding the first review of the $3 billion Stand-by-Arrangement (SBA). The talks come as the government claims to have successfully met all the stipulated targets outlined in the agreement.
