The US dollar fell by 8 paisas to Rs278.30 in the interbank market.

Pakistan’s new government is confident that there will be no significant devaluation of its currency as it engages in negotiations with the International Monetary Fund (IMF) to secure substantial lending and support its economic reform agenda, according to a new report by Bloomberg.

According to Finance Minister Muhammad Aurangzeb, there is no justification for the Pakistani rupee to depreciate beyond the typical range of 6% to 8% witnessed in a normal year. The last currency devaluation occurred in January 2023.