ISLAMABAD: The Pakistani rupee started the week in negative as it depreciated by 60 paisas against the US dollar in the interbank market on Monday. According to the information received from the forex traders, the local currency lost 60 paisas in value against the greenback as the trading resumed after a gap of four days and was currently being traded at Rs283.80. On Friday last, the rupee lost 0.53% against the US dollar to settle at 283.20 in the interbank market. A significant decline was followed by two days of appreciation that trimmed losses, but fundamental reasons for the rupee’s weaker position remained. A stalled programme with the International Monetary Fund (IMF) together with reports that the staff-level agreement was still a bit further away meant the currency market did not take any positive cues. Pakistan is making efforts for resumption of the IMF’s Extended Fund Facility (EFF) of over $1 billion. The release of loan from the IMF will unlock further inflows from other international creditors. DNA
