PKR declines for 16th straight session, closes at Rs287.87 vs dollar

WEB DESK: The Pakistani rupee (PKR) experienced a decline against the US dollar for the 16th consecutive session, marking a 0.11 per cent depreciation in the inter-bank market on Tuesday.

According to the State Bank of Pakistan (SBP), the rupee settled at Rs287.87, reflecting a decrease of Re0.32. This follows Monday’s depreciation of 0.18 per cent, where the rupee settled at Rs287.55 against the US dollar.

In a parallel development, Caretaker Finance Minister Dr Shamshad Akhtar initiated policy-level discussions on Monday with the visiting staff mission of the International Monetary Fund (IMF).

The talks revolve around the first review of the Stand-By Arrangement (SBA) as part of efforts to secure $710 million from the $3 billion loan programme.

The meeting was attended by the governor of the State Bank of Pakistan (SBP), the chairman of the Federal Board of Revenue (FBR), and other senior officials from the Ministry of Finance, FBR, SBP, and the Ministry of Energy.

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On the global front, the yen struggled near a three-decade low against the US dollar on Tuesday, facing challenges due to the Bank of Japan’s (BOJ) ultra-easy monetary policy settings amid the potential for higher rates elsewhere.

The yen last stood at 151.72 against the dollar, nearing a one-year low of 151.92 recorded on Monday. A breach below last year’s trough of 151.94 per dollar would signify a new 33-year low for the yen.

Meanwhile, oil prices saw an uptick on Tuesday following the International Energy Agency’s (IEA) upward revision of demand growth forecasts, complementing the positive sentiment from the previous day’s OPEC guidance.

Brent crude futures rose by 20 cents, or 0.2 per cent, to $82.72 a barrel by 0918 GMT, while US WTI crude futures climbed 21 cents, or 0.3 per cent, to $78.47.