Rupee recedes vs dollar

Pakistani currency on Monday depreciated Rs0.09 and closed at Rs278.30 against the US dollar in the inter-bank market as the International Monetary Fund (IMF) forecast further devaluation of the local currency over the next 13 months. The IMF expects the rupee to depreciate 18% to Rs329/$ by the end of June next year. According to the State Bank of Pakistan’s (SBP) data, the rupee had closed at Rs278.21 against the greenback on Friday. So far, the currency has cumulatively depreciated 0.46%, or Rs1.27, in the last eight weeks compared to the five-and-a-half-month high close at Rs277.03/$ reached in the last week of March 2024.