The United States dollar declined against the Pakistani rupee by 19 paisas on Tuesday.

The US dollar’s value fell to Rs278.20 in the interbank market.

The dollar had fallen by a mere 8 paisas on Monday.

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.