Rupee falls as dollar strengthens globally

Pakistani currency depreciated Rs0.11 and settled at Rs278.51 against the US dollar at close of trading in the inter-bank market on Wednesday, maintaining its two-way movement for the past one week ahead of agreement on a new International Monetary Fund (IMF) loan programme. According to the State Bank of Pakistan’s (SBP) data, the rupee had closed at Rs278.40 against the greenback on Tuesday. The fresh drop in the currency value was observed after the US dollar strengthened against other major global currencies including the euro and the UK pound. The Pakistani rupee has continued to move on both sides of the fence in line with the IMF’s recommendation to let market forces determine the value of the currency. Meanwhile, government high-ups indicate there has been a significant headway in talks on securing the IMF’s Extended Fund Facility of over $6 billion.