The value of the Pakistani rupee fell by Rs3.78 against the US dollar on Tuesday, causing concerns following the agreement with the International Monetary Fund (IMF). The State Bank of Pakistan reported that the dollar closed at Rs283.04, representing a 1.34% increase compared to the previous day. Although recent financial support from the IMF, Saudi Arabia, and the United Arab Emirates had initially boosted sentiments, the appreciation of the dollar on Friday indicated its return to dominance. Currency dealer Zafar Paracha expressed disappointment, stating that analysts had anticipated the dollar rate to decrease by Rs2 after the loan agreement and commercial loans. He criticized the treatment of the local currency as if it were a company in the stock exchange, claiming that it disheartened both local and foreign investors, resulting in reduced investment and a degraded credit rating. Paracha also highlighted Pakistan’s debt obligations for this year and the next, calling for the acknowledgment of this fact and the implementation of long-term policies and restructured existing ones by the authorities.
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