Rupee loses winning streak against dollar with drop of Rs2.33

The rupee lost its winning streak against the mighty US dollar amid rising inflation and a delay in an agreement between the International Monitory Fund (IMF) and Pakistan for a loan revival program.

In the morning of Monday’s trading session, the US dollar gained Rs2.15 against the local currency to settle at Rs283.85.

However, at the closing time, the greenback gained Rs2.33 and closed at Rs284.03 against the rupee.

In the open market, the dollar gained Rs2 to reach Rs286.

The IMF earlier refuted reports that it had attached any nuclear-progra-related strings to the revival of a bailout package stalled for months despite weeks-long talks between the two sides to approve the release of a $1.1 billion tranche.