Dollar Reaches Historic High of Rs272 after Local Currency Declines

NewsToday: The rupee is sliding down after the high rate of dollars, and IMF talks scaled back. The rupee depreciated by 2.52 to settle at Rs271.35 against the dollar during the intra-day trade. Finally, the rupee ended at Rs 268.82 Wednesday. At the start of this year, the rupee value decreased by 44.92. Saad Ali, the capital market expert, told the reporters that they had rejected the circular management plan presented to the government to the IMF. Currently, IMF is holding discussions and will continue till 9 Feb. Later, the staff-level agreement is expected.

IMF Rejects rejects circular debt management plan

In today’s news, IMF has rejected the CDMP presented by the government and made some requirements to increase the electricity tariff by Rs12.50 units.  On the second day of talks, Washington lenders repeat CDMP as unrealistic. IMF and Pakistan's finance minister will finally work on taxation measures that will be finalized through the mini-budget.