KARACHI: The rupee maintained its downward trend against the dollar for the second consecutive session on Tuesday.The rupee closed at 281.91 per dollar in the interbank market, down from its previous close of 281.76.
The rupee also lost ground in the open market, selling at 283.99 against the dollar, compared with 283.8 on Monday.Dealers said the local unit fell, weighed down by persistent importer dollar demand.
Moreover, market players are closely monitoring developments related to the fiscal year 2026 federal budget and key policy measures to get insight into the future course of the rupee.“Pakistan has initiated formal talks with the International Monetary Fund (IMF) for the finalisation of the upcoming budget. In line with IMF conditions, the government has assured key policy actions, including raising the petroleum levy to over Rs100 per litre and removing the cap on the Debt Service Surcharge in electricity bills,” said Chase Securities in a note.
“Pakistan has also committed to reducing tax exemptions on the import of used vehicles to broaden the revenue base. These measures reflect Islamabad’s willingness to adopt tough reforms to meet IMF benchmarks and unlock critical external financing,” it added.