US dollar makes significant strides against Pakistani rupee
The Pakistani rupee suffered another blow as the US dollar gained strength in the interbank market, with the greenback soaring by Rs3.88 to reach a trading value of Rs 283.
Despite reassurances from Finance Minister Ishaq Dar that Pakistan was close to reaching an agreement with the International Monetary Fund (IMF), the rupee continued to suffer.
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The open market also saw an increase in the value of the US dollar, with the greenback experiencing a surge of Rs3 to reach a trading value of Rs 283.50.
Pakistan has been in talks with the IMF for several months now, seeking a bailout package to address its balance of payments crisis.
The IMF has demanded that Pakistan implement tough economic reforms, including measures to reduce its fiscal deficit and increase its tax revenues.
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However, the negotiations have been marred by disagreements between the IMF and the Pakistani government over the pace and extent of the reforms.