The Pakistani rupee slightly increased against the US dollar in the inter-bank market. Around 11:30 am, the rupee was trading at 287.20, up by Re0.06. In the previous trading session, the rupee had a small decline, settling at 287.26. The International Monetary Fund (IMF) board meetings until June 29 will not include Pakistan on their agenda, as the 9th review for the Extended Fund Facility program has not been completed. Moreover, Pakistan’s current account deficit decreased by 81% in the first 11 months of the current fiscal year, primarily due to a lower import bill. The State Bank of Pakistan reported a deficit of $2.94 billion during July-May of this fiscal year, compared to $15.16 billion in the same period last year. In international markets, the yen reached a seven-month low against the dollar, while the euro slightly rose. The US dollar index, which measures the dollar’s value against a basket of currencies, also increased. Oil prices dropped as China reduced benchmark lending rates, raising concerns about oil demand in the world’s largest crude importer.
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