The rupee fell by Rs3.18 or 1.13% against the dollar in the inter-bank market on Thursday, the central bank said. The local currency closed at 282.30 in the trading marker.

The rupee closed at Rs279.12 in the inter-bank market on Wednesday, the State Bank of Pakistan reported.

The local currency has been fluctuating and experts have blamed the delay in the International Monetary Fund agreement for it.

Pakistan desperately needs IMF funds to support its economy, which has been tottering over the past many months. The country has taken measures to complete the ninth review needed to secure the funds. But, many experts believe the fund was not the final solution to the economic crisis, hinting that the country might again go to the international lender.

Finance Minister Ishaq Dar said on Thursday that the country was “very close” to signing the deal with the IMF. “We seem to be very close to signing the staff level agreement [with IMF] hopefully Inshallah in the next few days,” he said at an event in Islamabad.