KARACHI (National Times) – The US Dollar continued its upward trajectory and rose to Rs197.75 in interbank during intraday trade after gaining Rs2.01 against PKR.

The local currency is being weighed by depleting foreign exchange reserves and uncertainty over the resumption of the International Monetary Fund (IMF) program.

The greenback was being quoted around Rs197.25 when compared to the previous close of 195.74.

Meanwhile, the International Monetary Fund will begin talks with Pakistani officials on Wednesday over the release of crucial funds.

The talks will be held in the Qatari capital Doha, Pakistan’s finance ministry said, and are expected to continue into next week.

A major sticking point is likely to be over costly subsidies — notably for fuel and electricity — and Finance Minister Miftah Ismail said he wants the two sides to “find a middle ground”.