The US dollar continued its flight against the Pakistani rupee in the interbank market for the twelfth consecutive session.

According to Forex Association of Pakistan (FAP), the greenback appreciated by Rs1.12 and rose to Rs237.96 during intraday trading in the interbank market.

Meanwhile, the banks were selling the greenback at Rs238.50. In open market, the US dollar was being traded at Rs242 to Rs245, the association added.

The PKR’s battering continued despite the State Bank of Pakistan confirming that Pakistan has received a loan tranche of US$1.16 billion from the International Monetary Fund (IMF).

It is pertinent to mention here that the Pakistani rupee weakened by Rs8.66 against the United States (US) dollar in the interbank currency market in previous week.

According to a weekly report, the greenback closed at Rs236.84 against the domestic currency, as compared to Rs228.18 at the start of the business week.

In the open market, the US dollar appreciated by Rs6.50 to close at Rs241 from Rs234.50 at the start of the business week.