The Pakistani rupee sustained losses against the US dollar in the open market on Monday, while the local currency also inched lower in the inter-bank market.
During the day, currency dealers Business Recorder reached out to said the rupee was quoted at 282.5 for selling and 279.5 for buying purposes for customers. At the end of trading, the rupee settled at the same rates, according to data provided by the Exchange Companies Association of Pakistan (ECAP).
The rupee settled at 280.95 against the greenback in the inter-bank on Monday.
During the previous week, the local currency lost 1.00 rupee for both buying and selling against USD, closing at 278.50 and 281.50, respectively, in the open market.
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 this week (November 02) to discuss the first review of the country’s $3 billion standby arrangement (SBA). A successful review is crucial to pave the way for further inflows into the country, which deals with low foreign exchange reserves.
Earlier, 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 caretaker government.