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Intra-day Update: Rupee is Falling Versus the US Dollar

Pakistani rupee lost 0.6% against the US $ in inter-bank transactions.

In response to the agreement reached with the International Monetary Fund (IMF), the Pakistani rupee strengthened significantly versus the US dollar on Tuesday, rising 3.83% in the interbank market to close at 275.44.

The rupee fell by Rs1.61 to trade at 277.06 at around 12 o’clock.

In a similar move, Moody’s Investors Services stated on Tuesday that despite the IMF’s staff-level agreement, Pakistan’s government still faces substantial liquidity concerns.

As traders anticipated the release of the minutes from the Federal Reserve’s most recent meeting for hints about the direction for monetary policy, the US dollar dipped against its peers internationally on Wednesday, drifting close to the middle of its range over the previous three weeks.

The dollar index, which compares the value of the dollar to a basket of six important currencies, including the euro and the yen, fluctuated between 103.75 and 102.75 since early June. It was barely changed at 103.02.

Oil prices, a crucial metric for measuring currency parity, fell on Wednesday, erasing the day’s gains as concerns over a slowing global economy overcame hopes for a tighter market due to output reductions proposed by major exporters Saudi Arabia and Russia for August.

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