Rupee slips against dollar

KARACHI: The Pakistani rupee weakened a little against the US dollar in the interbank market on Wednesday. The rupee fell to 279.97 per dollar, down from 279.95 in the previous session.

The rupee also fell in the open market, trading at 281.59 versus the dollar, compared with 281.5 on Tuesday. Traders are closely watching the ongoing review of the $7 billion loan programme from the International Monetary Fund to gain insights into the rupee’s future course.

“On the macroeconomic front, discussions are ongoing regarding the government’s circular debt resolution plan, with efforts underway to secure IMF approval,” said Chase Securities in a note.

“Meanwhile, commodity prices, including oil and coal, remain subdued, which is expected to result in a sharp drop in petrol prices in the upcoming fortnightly revision. This could provide some relief on core inflation pressures and help moderate the recent surge in inflation figures,” it added.