The Pakistani rupee has remained stable against the US dollar, with a slight decrease of 0.06% during early trading in the inter-bank market on Friday. At around 11:40am, the rupee was being traded at 287.20, a decrease of Re0.17. Finance Minister Ishaq Dar expressed that Pakistan will not default on its debt, regardless of whether or not they reach an agreement with the International Monetary Fund (IMF). Moody’s Investor Services stated that Pakistan’s ability to secure loans will be severely limited until a new program is agreed upon with the IMF. The resumption of the IMF program is crucial for Pakistan’s economy, which is facing cash shortages. The US dollar was slightly higher against the yen. The US Federal Reserve left interest rates unchanged but suggested that rates may still need to rise. However, recent data challenges this view due to slowed economic activity and decreased inflation in the United States. Oil prices were set to end a two-week losing streak, despite trading lower initially, due to optimism about higher energy demand from China and a weaker dollar.
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