The Pakistani rupee remained unchanged against the US dollar in the open market on Thursday, while the local currency further declined in the inter-bank market.
During the day, currency dealers Business Recorder reached out to said the rupee was quoted at 282 for selling and 279 for buying purposes for customers.
At the end of trading, the currency closed at the same rates, according to data provided by the Exchange Companies Association of Pakistan (ECAP).
Meanwhile, in the inter-bank market, the rupee registered its fourth consecutive decline against the dollar as it depreciated 0.07% to close at 280.09 level.
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 IMF mission, led by Nathan Porter, will visit Pakistan on November 2 to discuss the first review of the country’s current $3 billion standby arrangement (SBA). The successful review is crucial to pave the way for further inflows into the country, which deals with low foreign exchange reserves.
The rupee recently saw one of the longest appreciation runs against the US dollar, which came on the back of measures announced by the State Bank of Pakistan (SBP) and the interim government.
The central bank announced a list of “structural reforms” last month, targeting the Exchange Companies (ECs).
On the other hand, the government’s law enforcement agencies initiated a crackdown against currency smugglers and hoarders, which resulted in the confiscation of foreign currency worth millions.
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