KARACHI: The rupee witnessed a decline of 78 paisas to hit an almost 11-month low of Rs165.20 against the dollar on Tuesday, despite receiving $2.75 billion from the International Monetary Fund, dealers said.

The exchange rate ended at Rs165.20 against the greenback from the previous day’s closing of Rs164.42 in the interbank foreign exchange market.

The State Bank of Pakistan (SBP) on Tuesday said it received $2.75 billion from the IMF. The disbursement is part of the $650 billion allocation of the IMF to boost the global economy.

The currency dealers said the inflow had failed to improve the sentiments in the foreign exchange market.

The exchange rate was under pressure; following an increase in the international oil prices, they said.

Pakistan is a net importer of petroleum products and spends huge foreign exchange reserves on its foreign buying.

Further, the dealers said optimism of accelerated growth has also increased the demand for imported finished and raw material items.

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