Rupee depreciates against US dollar again

Rupee depreciates against US dollar again

KARACHI – The rupee depreciated again US dollar, losing 0.11% in the inter-bank market during trading on Tuesday.

At around 1pm, the rupee was being quoted at 275.60 during intra-day trading, a decline of Rs0.30. However, earlier in the day it had improved. At around 10:30am it was being quoted at 274.20.

The local currency had also registered some improvement on Monday, closing at 275.30.

The depreciation comes as technical-level talks between Pakistan and the International Monetary Fund (IMF) team are said to have concluded on Monday while policy-level discussions will start from Tuesday.

Gold prices rose on Tuesday as the dollar pulled back slightly, with traders awaiting Federal Reserve Chair Jerome Powell’s speech later in the day for hints about future rate hikes after last week’s strong economic data.