The Pakistani rupee reached an all-time low of 288.43 against the US dollar on Tuesday. The State Bank of Pakistan reported that the local currency depreciated by Rs1.34 or 0.46%. Experts believe that the lack of progress on resuming the International Monetary Fund (IMF) programme is the main reason for the rupee’s fall. The rupee’s decline comes after it had already lost value against the US dollar the previous day.
Finance Minister Ishaq Dar has said that a staff-level agreement with the IMF will be signed soon. The government is working hard to complete the IMF programme, which has been stalled since last year. The market is eagerly waiting for the resumption of the crucial IMF deal.
Meanwhile, the US dollar paused on Tuesday after its best rally this month against major peers. A strong US labor market supports the case for a Federal Reserve rate hike next month. Bitcoin, a leading cryptocurrency, briefly touched $30,000 for the first time since June. Oil prices, an important indicator of currency parity, edged higher on Tuesday as market participants weighed supply cuts from OPEC+ against concerns about further interest rate hikes potentially hurting demand.
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