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Rupee weakens Rs1.3 against greenback to close at Rs172.93 in interbank

The Pak rupee continued to lose its ground against the US dollar during the third consecutive session in the interbank market on Wednesday.

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Rupee weakens Rs1.3 against greenback to close at Rs172.93 in interbank
GNN Media: Representational Photo

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.

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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