The United States dollar began the new week by declining against the Pakistani rupee on Monday, reversing the trend from the previous week.

However, by the end of trading, the greenback closed marginally higher.

The US dollar fell by 10 paisas to reach Rs278.20 in the interbank trade when the market opened in the morning.

At the end of the day, it closed at 278.33, a loss of Re.0.02 for the Pakistani currency.

The dollar has risen marginally but consistently against the rupee in the previous week.

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.