PKR slips for fifth consecutive day, closes at Rs280.57 versus US dollar

WEB DESK: In a consecutive fifth decline, the Pakistani rupee (PKR) weakened by 0.17 per cent against the US dollar (USD) in the inter-bank market on Friday, according to the State Bank of Pakistan (SBP).

The rupee settled at Rs280.57, marking a decrease of Rs0.48. This follows a 0.07 per cent depreciation on Thursday, where it settled at Rs280.09 against the USD.

Interbank closing #ExchangeRate for todayhttps://t.co/ga33fPkTxi#SBPExchangeRate pic.twitter.com/3kEYPE2xN0

— SBP (@StateBank_Pak) October 27, 2023

On the global front, the US dollar was poised for a weekly gain, bolstered by robust US growth figures that strengthened the case for prolonged higher interest rates.

Meanwhile, the yen remained on the weaker side of 150 per dollar ahead of a significant policy meeting next week.

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In a related development, the Ministry of Finance (MoF) has reportedly issued directives concerning negotiations pertaining to the ongoing International Monetary Fund (IMF) programme.

Secretaries and designated focal persons have been instructed to remain available in Islamabad until the finalisation of the Staff Level Agreement (SLA).