The Pakistani rupee continued to decline against the US dollar on Thursday in anticipation of the executive board meeting of the International Monetary Fund (IMF) on August 29 in Washington.

In the interbank market, the local unit was trading at 219 during the intraday trade after losing 0.62 paisas against the dollar.

Although, the greenback ended yesterday at 218.38, up by 72 paisas.

Apart from the pressure of the IMF, the government has also lifted the months-long ban on the import of luxury items and the exports have not increased at desired pace resulting in pressure on the rupee.

Moreover, the UAE has made it mandatory for Pakistani travellers to declare 5,000 dirhams at the airport when landing — leading to an increase in the price of the US dollar in the open market.