KARACHI
Pakistani rupee depreciated by 10 paisas against the US dollar in the interbank market for the second straight session on Wednesday.
According to the data released by the SBP, the rupee opened at 278.30 against the greenback in the interbank market and closed at 278.40, going down by 0.04 percent. During the previous week, the rupee closed unchanged at 278.21 against the US dollar as compared to the week earlier when the local unit had stood at the same level.
The domestic currency has largely been around 277-278 against the dollar in recent weeks as Pakistan moves forward with its plan to win a longer and longer International Monetary Fund (IMF) bailout program. Pakistan authorities and the IMF have made “significant progress” towards reaching a staff-level agreement (SLA) on a new program, an end-of-mission statement posted on the lender’s website read.
