Rupee sees minor dip on IMF uncertainty

The Pakistani currency depreciated by Rs0.05 to Rs277.85 against the US dollar in the inter-bank market, as uncertainty over the International Monetary Fund (IMF) Executive Board's final approval for a $7 billion loan programme later in the day impacted the currency market on Wednesday. In the open market, however, the rupee gained Rs0.12 day-on-day to close at Rs280.33 per dollar, increasing by a total of Rs0.37 over the past three consecutive working days, according to the Exchange Companies Association of Pakistan (ECAP). A dealer in the inter-bank market noted that a section of currency traders still lacks confidence in whether the IMF will approve the programme for Pakistan, reversing the uptrend seen in the domestic currency on Tuesday. Finance Minister Muhammad Aurangzeb and State Bank of Pakistan (SBP) Governor Jameel Ahmad, however, expressed full confidence in the IMF during the day.