The Pak rupee continued to lose its ground against the US dollar during the third consecutive session in the interbank market on Wednesday.
The rupee depreciated by Rs1.3 to close the day's trade near a two-week low of Rs172.93 per US dollar.
Cumulatively, the local currency has lost around 1.71% during last five days.
Interbank closing #ExchangeRate for today:https://t.co/Vq2BLWpi7F pic.twitter.com/7wWQYfKSoR
— SBP (@StateBank_Pak) November 10, 2021
Investors turned wary of the delay in the International Monetary Fund’s (IMF) programme and evaluated economic risks in case the country failed to meet the fund’s conditions.
According to analysts, dollar demand from importers remained consistently high for settling payments in recent sessions, amidst fears that the next tranche of $1 billion might get delayed due to Islamabad’s indecision on meeting the IMF’s strict conditions for the completion of the sixth review.
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