The rupee recorded another decline against the dollar in the interbank foreign exchange market on Tuesday.

The greenback gained 32 paisas to reach Rs287.87 at the closing of the market, as against the closing of Rs287.55 the previous day.

In the open market, the dollar is being quoted at Rs289.

Pakistan is currently in negotiations with the International Monetary Fund for the release of the second tranche under the Stand-by Arrangement (SBA).

The country needs a total of $28 billion in external financing over the next year.

A day earlier, the caretaker government and IMF held policy-level negotiations where the written plan for achieving the tax collection target was handed over to the multilateral lending institution.

Sources said that Pakistan assured the multilateral lending institution to collect more taxes from the real-estate sector of the country.

Read: No privatisation till elections, govt tells IMF

Meanwhile, the IMF has reached out to Pakistan’s bilateral partners to ensure that external funding plans will materialise as policy talks continue, sources said.

The ministry of finance has expressed optimism that there are no major challenges in the way of the successful completion of talks with the Fund.