The Pakistani rupee experienced a slight decrease against the US dollar, with a loss of nearly 0.06% in the inter-bank market during early trading on Tuesday.
At approximately 10:30am, the currency was quoted at 284, reflecting a decline of Re0.16. The currency market remained closed on Monday due to the Labour Day holiday.
On Friday, the rupee had a marginal increase against the US dollar, settling at 283.84 in the inter-bank market.
Throughout the previous week, the rupee remained relatively stable, influenced by a current account surplus and the lack of progress in negotiations with the International Monetary Fund (IMF).
In contrast, the United States urged Pakistan to proceed with the stalled reforms requested by the IMF, offering technical assistance and encouraging the implementation of policies that foster a transparent and equitable business environment.
The market is anticipating the resumption of the IMF program, which remains on hold until further notice.
Additionally, the market is closely observing political developments as discussions between the government and Pakistan Tehreek-e-Insaf (PTI) leaders continue regarding upcoming elections in the country.
Oil prices, a significant factor in currency parity, decreased during early Asian trade on Tuesday, driven by weak economic data from China and expectations of another interest rate hike by the United States.
