The Pakistani rupee weakened against the US dollar on Friday, shedding Rs1.1 in the interbank market.

The greenback was trading at Rs277.59 at the closing of the interbank market on Friday, the last trading day of the week, compared with the closing of Rs276.46 the previous day, according to the State Bank of Pakistan.

Similarly, the US dollar was up by Rs2 in the open market to reach Rs281.

The rupee shed its gains against the foreign currency after recording an increase in the previous three consecutive sessions. The rally was prompted by the approval of a deal between Pakistan and the International Monetary Fund.

However, the increased demand of the US dollar for import payments reversed the rupee’s gains.

Meanwhile, the Pakistan Stock Exchange recorded a slight decline of 187.79 points in midday trading as the investors’ activity remained lackluster on Friday.

The benchmark KSE-100 Index shed 187.79 points to reach 45,079.17 points in midday trading.

The KSE-30 Index recorded a decline of 81.55 points, or 0.51% to reach 16,022.11 points.