The US dollar on Monday gained seven paisas at the start of the interbank trading on the first day of the business week.
The new price of US dollar against the Pakistani Rupee is Rs278.40. The greenback was closed on Friday at Rs278.32.
Pakistan Rupee is under pressure due to the possibility of cuts in the annual development budget and negotiations between the international lender IMF and Pakistan.
Read more: IMF asks Pakistan to do more ahead of billion-dollar loan program
The International Monetary Fund (IMF) has demanded a moratorium from Pakistan as part of a new loan program, emphasizing the need to reduce import restrictions.
The world financial institution has urged the government to remove subsidies to export sectors and reduce import duties in the upcoming budget.
SAMAA TV quoting sources reveal that the IMF insists on a phased removal of import restrictions, and the Ministry of Finance has agreed to cut import duties accordingly.
Ministry of Commerce has stressed the importance of protecting local industry in these decisions.
While agreeing to reduce tariffs, the Ministry of Commerce opposed the complete removal of import restrictions, highlighting the need to consider the local market's protection.
