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Pakistani rupee gains a bit against US dollar

Against the US dollar, the Pakistani rupee saw a little increase on Monday, closing with a gain of 0.46 percent in the interbank market. The local currency increased by Rs1.28 to settle at Rs275.30 for every US dollar, according to the State Bank of Pakistan (SBP).

The rupee has lost value versus the US dollar by 25.47 percent so far this fiscal year. The rupee recently lost value, reaching an all-time low versus the US dollar on Friday, ending at Rs276.58, a fall of Rs5.22 or 1.89 percent. This appreciation comes in response to that decline.

The Pakistani rupee dropped by a total of 5.05 percent last week. The poor foreign exchange reserves, which fell by an additional $592 million to reach just $3.09 billion, were one of the causes of this.

Investor worries were further heightened by remarks made by Prime Minister Shehbaz Sharif over the difficult loan negotiations process with the International Monetary Fund (IMF).

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Reports state that the IMF is demanding reforms and prerequisites in a number of crucial areas, including taxation, the power sector, and energy prices, as part of ongoing discussions with the institution. Analysts forecast that the rupee would see pressure going forward until the IMF programme is properly understood.



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