The Pakistani rupee has lost value against the US dollar, dropping by about 0.46% during early trading on Monday. The rupee was quoted at 285.96, a decrease of Rs1.31 against the US dollar. Last week, the rupee also fell by 0.3% against the US dollar. The currency’s value is likely to remain under pressure until Pakistan receives financing confirmation from a friendly country, which is needed to meet the last condition of the International Monetary Fund (IMF). The US dollar has gained strength after US jobs data showed a tight labor market, increasing the chances of the Federal Reserve raising interest rates next month. Oil prices, which can affect currency values, have remained mostly unchanged as investors consider the impact of tighter supplies from OPEC+ producers and concerns about global growth affecting fuel demand.
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