Rupee hits two-week low at Rs278.70/$

The Pakistani rupee ticked down by Rs0.06 to close at a two-week low of Rs278.70 against the US dollar in the interbank market on Tuesday, marking the second consecutive day of decline. According to data from the State Bank of Pakistan (SBP), the domestic currency has cumulatively depreciated by Rs0.16 against the dollar over the past two days. In the open market, the Exchange Companies Association of Pakistan (ECAP) reported that the rupee weakened by Rs0.25 on a day-to-day basis, closing at Rs280 per dollar. The ongoing downturn suggests either an increase in demand for foreign currency or a slowdown in its supply in the domestic economy, possibly linked to delays in the International Monetary Fund's (IMF) new $7 billion loan programme for Pakistan.