KARACHI, May 23: The exchange rate regime rem-ained under pressure as US dollar continued to gain against the local currency for the third consecutive day.

Demand for dollar in the inter-bank market was high while it appreciated by 32 paisas to cross the psychological barrier of Rs92 on Wednesday.

Huge buying by two scheduled banks continued, apparently on behalf of State Bank which has to make repayment of $400 million to the IMF.

Currency dealers said some oil payments were also in queue for purchasing of dollars. The open market witnessed relatively greater depreciation of local currency as it crossed Rs93 to end at Rs92.40 per dollar.

Currency experts said the dollar may slide after repayment to IMF and payment for oil imports. However, falling foreign exchange reserves and almost negligible foreign infl-ows were prime concerns for the market.