The Pakistani rupee’s 11-day winning streak against the US dollar came to an end on Wednesday as it lost Rs 0.98 against greenback in the inter-bank trading.

According to the State Bank of Pakistan (SBP), the local currency depreciated by 0.46% at the end of the session to close at Rs 214.88 against its previous day’s closing at Rs 213.89.

According to the Forex Association of Pakistan (FAP), the buying and selling rates of dollars in the open market were recorded at Rs 212.15 and Rs 215 respectively.

The rupee closed in red against the dollar despite the news that the International Monetary Fund (IMF) and Pakistan have reached a consensus on the letter of intent.

Terming it “good news”, Finance Minister Miftah Ismail said that the letter was sent to the global lender after being signed by him and the acting governor of the State Bank of Pakistan (SBP).

Meanwhile, Pakistan’s bonds and stocks are rallying as confidence grows that the cash-strapped country is finally nearing the elusive IMF bailout.