Rupee loses further ground against USD

KARACHI, (MANEND NEWS): The US dollar continues to appreciate against the Pakistani rupee in the interbank market on the last working day, according to SBP report.

According to the State Bank of Pakistan, the local unit lost Rs0.12 against the greenback to close at 286.93. The US dollar closed at Rs286.80 the other day.

Meanwhile, the dollar is being sold at Rs303 in the open market.

It is worth mentioning here that Pakistani authorities are now hopeful of inking a deal with the International Monetary Fund (IMF) this month.

The International Monetary Fund (IMF) in fresh contact with Pakistan has demanded to slash expenditures of the federal and provincial governments, it emerged.

The IMF in pre-budget talks has also demanded to fix the tax revenue target above Rs. 10,000 billion, according to sources.

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