The Pakistani rupee weakened by seven paisas against the US dollar in the interbank foreign exchange market on Tuesday.

The greenback was trading at Rs279.27 at the closing of the market as against the previous day’s closing of Rs279.20.

The buying and selling rates of the dollar in the open market stood at Rs279.3 and Rs282.2 respectively, according to the Forex Association of Pakistan.

The price of the Euro increased by 87 paisas to close at Rs303.18 against the last day’s closing of Rs302.31, according to the State Bank of Pakistan.

British Pound recorded an increase of 54 paisas in the exchange rate and was traded at Rs354.41 compared with the last day’s closing of Rs353.87.

The exchange rates of the Emirates Dirham and the Saudi Riyal increased by two paisas each to close at Rs76.03 and Rs74.46 respectively.

The rupee has increased by 9.87% or Rs27.60 over the past five months compared to its record low closing at Rs307.10/$ in the first week of September 2023.

Last week, a Pakistani official told Bloomberg News that the South Asian country plans to seek a new loan of at least $6 billion from the International Monetary Fund to help the incoming government repay billions in debt due this year.

Moreover, Julie Kozack, the head of the Communications Department at the IMF, said that the lender was looking forward to working with the new government on policies to “ensure macroeconomic stability and prosperity for all of Pakistan’s citizens.”