The Pakistani rupee has slightly decreased in value against the US dollar in the inter-bank market. At around 10:25am, the rupee was being traded at 287.00, which is a decrease of Re0.26. This comes after the rupee had a three-session winning streak against the US dollar, but ended with a decline of Re0.01 to settle at 286.74. Last week, the Pakistani rupee remained stable and traded within a narrow range. The local currency recovered Re0.52 or 0.2% to end the week at 286.74. The International Monetary Fund (IMF) Executive Board meetings scheduled till June 29 do not include discussions about Pakistan, as the 9th review under the Extended Fund Facility (EFF) programme is pending. To resume the IMF programme, the government has announced additional taxes of Rs215 billion. Internationally, the US dollar remains strong against other currencies as traders consider the impact of monetary tightening cycles on global growth and worry about major economies experiencing a deep downturn. Oil prices have risen due to concerns about political instability in Russia and its potential impact on oil supply. Please note that this information is an intra-day update.
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