Rupee records marginal gain against US dollar

Pakistan's rupee registered a marginal loss against the US dollar, depreciating 0.04%.

At around 3:30pm, the rupee was being quoted at 223.90, after a decline of Re0.09 during intra-day trading. On Wednesday, the rupee had reverted to its losing way against the US dollar to settle at 223.81 after a decline of Re0.39 or 0.17%.

Investors have been irked over the delay in negotiations with International Monetary Fund (IMF) on the ninth review under the Extended Fund Facility (EFF) programme as the country continues to suffer from low foreign exchange reserves.

Official sources revealed to Business Recorder that some policy slippages on part of the government have delayed the finalisation of a date for the start of formal negotiations on the 9th review.

As per the IMF's seventh and eighth review documents uploaded on the website at the end of September 2022, the ninth review was scheduled for November 3, 2022.

Globally, the US dollar was broadly weaker on Thursday as investors, encouraged by the prospect of a slower pace of interest rate hikes from the Federal Reserve, placed bets on riskier assets.