The Pakistani rupee continued to lose its value for the fifth consecutive session against the US dollar in the interbank market.

According to the Forex Association of Pakistan (FAP), the local currency was trading at Rs224.50 around 10:10 am, losing 0.58 paisa against the US dollar.

Meanwhile, the US dollar was being traded at Rs232 to Rs 234 in the open market, the Forex association added.

A day earlier, the US dollar continued its upward trajectory against the rupee despite receiving a loan tranche of US$1.16 billion from the International Monetary Fund (IMF).

According to forex dealers, the US dollar rose by Rs1.08 in the interbank market against the rupee and traded at Rs222.50 while the banks are selling it at Rs222.95.

It is pertinent to mention here that the State Bank of Pakistan confirmed that Pakistan has received a loan tranche of US$1.16 billion from the IMF.