KARACHI: The rupee extended losses against the dollar on Tuesday, despite reports of fund transfers from the International Monetary Fund (IMF), dealers said.

The exchange rate ended at Rs163.89 against the greenback from the previous day’s closing of Rs163.67 in the interbank foreign exchange market.

The rupee lost Rs1.24 against the dollar in the previous trading session. The local unit lost around Rs6.35, or 4.03 per cent, against the greenback since closing on June 30, 2021 at Rs157.54 against the dollar.

At present, the local currency is almost 9 ½ months low against the foreign currency.

The currency dealers said the market witnessed high demand for the dollar earlier in the day. The local currency fell to Rs164 in the intraday trading session.

However, the reports of additional allocation from the International Monetary Fund worth $650 billion to boost global liquidity. Pakistan may get around $2.8 billion under the allocation by the end of the current month.

The dealers said the inflows of export receipts and workers’ remittances would help the rupee make gains.

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