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Rupee Strengthens Against Dollar Amidst IMF Negotiations

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In the midst of ongoing discussions with the International Monetary Fund (IMF), the Pakistani Rupee showcased a slight gain against the US Dollar. The Dollar witnessed a marginal dip of 55 paisas in the interbank exchange rate, opening the trading session at Rs287. This shift comes after a streak of 15 consecutive days where the Dollar appreciated, closing at Rs287.55 previously.

While the open market reflected a surge of Re1, reaching Rs289 on Monday, the Dollar has been on an upward trajectory in recent weeks. This rise coincides with Pakistan’s crucial negotiations with the IMF to secure the next portion of a billion-dollar loan program totaling over $700 million.

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During the discussions, Pakistan and the IMF reached an agreement to uphold the country’s annual tax collection target of Rs9,415 billion. Notably, the agreement emphasized the commitment of Pakistan’s tax authorities to meet this target without necessitating a mini-budget. The focus remains on enhancing administrative measures for augmenting tax revenue, with an assurance from the caretaker government against imposing new taxes.

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