KARACHI: The Pak Rupee depreciates by 16 paisas against US dollar in early trade on Tuesday owing to reports of IMF conditionalities for new loan program.
The dollar is being traded at Rs141.05in interbank foreign exchange market. The foreign currency market was closed yesterday at Rs140.89 to the dollar.
The local currency was showing declining trend since last week due to increase in key policy rate, high inflation, rise in petroleum prices and the government negotiations to enter new IMF loan program.
Reportedly the IMF had asked Pakistan to introduce new exchange rate regime which should be based on market forces.