The Pakistani rupee was in the corner again on Wednesday as the US dollar topped the Rs289 mark in the interbank trading, reported 24NewsHD TV channel.

According to the State Bank of Pakistan, the local currency depreciated by Rs1.84 against the greenback and ended the day at Rs289.38.

https://twitter.com/StateBank_Pak/status/1686705656013938688

On Tuesday, the Pakistani rupee registered back-to-back losses against the US dollar as it depreciated by 0.31%. At close, the rupee settled at 287.54, a decrease of 90 paisas.

https://twitter.com/StateBank_Pak/status/1686344188538036224

In a key development, the State Bank of Pakistan (SBP) had extended settlement of card-based cross-border transactions through interbank for other five months.

Previously, on May 31, the SBP had allowed the banks to purchase the dollar from interbank for settlement of card-based cross-border transactions with International Payment Schemes (IPSs).

Initially, the facility was given for two months and expired on July 31; however, the SBP decided to extend the validity of buying of dollar from interbank market for card payments for another five months.

Reporter Ashraf Khan