KARACHI: The rupee maintained its downward trend against the US dollar on Monday, losing 0.29 percent to Rs170.51 in the interbank market.
The local currency is projected to weaken against the dollar this week, according to analysts, owing to the International Monetary Fund’s (IMF) lack of confirmation on its $6 billion Extended Fund Facility and importers’ need for the greenback.
“We foresee higher demand for dollars from manufacturing and oil importers next week, therefore the rupee may reverse its surge next week,” a foreign currency broker said.
“Any more impasse on the IMF’s pact allowing the central bank total autonomy would harm market confidence, placing downward pressure on the rupee in the coming days.”
Traders are also worried about the condition of Pakistan’s external sector and the country’s overall economy.