The Pakistani rupee remained unchanged against the US dollar in the open market on Thursday, while the local currency continued to show improvement in the inter-bank market.
During the day, currency dealers Business Recorder reached out to said the rupee was being quoted at 286.50 for selling and 283.50 for buying purposes for customers.
At the end of trading on Wednesday, the currency closed at 286.50 for selling and 283.50 for buying purposes, according to data provided by the Exchange Companies Association of Pakistan (ECAP).
In the inter-bank market, the rupee was hovering at 284-285 level against the greenback.
The gap between rates in the inter-bank and open markets is required to be less than 1.25% under one of the structural benchmarks set by the International Monetary Fund (IMF).
The South Asian nation is operating under a caretaker government after a $3 billion IMF loan programme was approved in July to avert a sovereign debt default.
Last week, the IMF staff and Pakistani authorities reached a staff-level agreement on the first review of the IMF Stand-By Arrangement (SBA) program.
This outcome was critical, given that in spite of the disbursement of pledged assistance by multilateral and bilateral partners, Pakistan’s foreign exchange reserves remain disturbingly low at $7.4 billion on 10 November 2023, which is less than three months of imports.
Source: brecorder.com
