The Pakistani rupee slipped down against the US dollar in the interbank market on Thursday.
After depreciating by Rs2.88 against the greenback, the local currency changed hands at Rs282 during intraday trade around 10:40am.
General Secretary Exchange Companies Association of Pakistan (ECAP) Zafar Paracha told The News that there was no major reason behind the depreciation as there was an upward trend in the market currently.
However, he said that it could be based on the delay in signing deal with the International Monetary Fund (IMF)
“People will remain in doubt until the government strikes the agreement and until it gets all the payments after approval,” Paracha said, adding that the market will also be reluctant meanwhile.
Besides that, there was pressure from the IMF and foreign investors to weaken the local currency so that they can invest.
“They want to close dollar on a maximum rate and make the investments in PIDs or the government securities by 20-22%,” he added.