The local unit shed 27 paisas against the greenback which was trading at Rs285.64 at the closing of the market, as against the closing of Rs285.37 on Friday, November 24.

In the open market, the buying of the dollar was recorded at Rs285.2 while it was quoted at Rs288.8 for selling at the time of filing the story.

A day earlier, sources said that the government was expecting to receive $2 billion by the end of December which will provide a much-needed boost to its foreign exchange reserves.

They went on to add that the inflows will take Pakistan’s forex reserves to $9 billion, which is equivalent to the import expenditure of two months.

Meanwhile, a technical team of the International Monetary Fund arrived in Pakistan on Monday to discuss tax reforms with officials from the Federal Board of Revenue.

The team met caretaker Finance Minister Shamshad Akhtar after their arrival. The talks with FBR officials are expected to last one week.