The Pakistani rupee registered losses against the US dollar for the ninth successive session as it depreciated 0.28% in the inter-bank market on Thursday.
As per the State Bank of Pakistan (SBP), the rupee settled at 283.43, a decrease of Re0.78.
On Wednesday, the rupee had depreciated 0.42% to settle at 282.65 against the US dollar.
In a related development, Pakistan and the International Monetary Fund (IMF) will begin crucial discussions on the first review of the $3 billion Stand-by-Arrangement (SBA) from today onwards amid the government’s claim that all targets have already been met.
Globally, the US dollar fell broadly on Thursday, tracking a slide in US Treasury yields as markets grew more convinced the Federal Reserve was done with its aggressive monetary policy tightening cycle after it left rates unchanged.
The Fed on Wednesday held interest rates steady as widely expected, as policymakers struggled to determine whether financial conditions may be sufficiently tight to control inflation.
However, Fed Chair Jerome Powell acknowledged that a recent market-driven rise in Treasury bond yields, home mortgage rates and other financing costs could have their own impact on the economy as long as they persist.
The dollar edged broadly lower alongside US Treasury yields which touched multi-week lows in early Asia trade.
The US dollar index fell 0.11% to 106.34.
Oil prices, a key indicator of currency parity, gained 1% on Thursday to snap its three-day decline, as risk appetite returned to financial markets after the US Federal Reserve kept benchmark interest rates on hold.
Brent crude futures rose $1.28, or 1.51%, to $85.91 a barrel by 0944 GMT, while US West Texas Intermediate crude futures gained $1.33, or 1.65%, to $81.77 a barrel.