AIRLINK 60.49 Decreased By ▼ -1.11 (-1.8%)
BOP 6.27 Increased By ▲ 0.01 (0.16%)
CNERGY 4.05 Decreased By ▼ -0.08 (-1.94%)
DFML 15.89 Decreased By ▼ -0.31 (-1.91%)
DGKC 68.72 Increased By ▲ 1.07 (1.58%)
FCCL 17.73 Decreased By ▼ -0.18 (-1.01%)
FFBL 25.51 Decreased By ▼ -0.09 (-0.35%)
FFL 9.02 Decreased By ▼ -0.24 (-2.59%)
GGL 9.84 Decreased By ▼ -0.21 (-2.09%)
HBL 115.18 Increased By ▲ 0.38 (0.33%)
HUBC 111.80 Decreased By ▼ -0.70 (-0.62%)
HUMNL 6.63 Decreased By ▼ -0.02 (-0.3%)
KEL 4.52 Increased By ▲ 0.06 (1.35%)
KOSM 4.56 Increased By ▲ 0.01 (0.22%)
MLCF 38.01 No Change ▼ 0.00 (0%)
OGDC 121.07 Decreased By ▼ -4.54 (-3.61%)
PAEL 21.79 Decreased By ▼ -0.73 (-3.24%)
PIAA 10.93 Decreased By ▼ -0.15 (-1.35%)
PIBTL 6.05 Decreased By ▼ -0.42 (-6.49%)
PPL 106.68 Decreased By ▼ -1.72 (-1.59%)
PRL 27.42 Decreased By ▼ -0.63 (-2.25%)
PTC 10.53 Decreased By ▼ -0.27 (-2.5%)
SEARL 52.05 Decreased By ▼ -0.75 (-1.42%)
SNGP 66.93 Increased By ▲ 0.13 (0.19%)
SSGC 11.64 Increased By ▲ 0.23 (2.02%)
TELE 7.07 Decreased By ▼ -0.13 (-1.81%)
TPLP 11.50 Decreased By ▼ -0.44 (-3.69%)
TRG 81.85 Increased By ▲ 4.05 (5.21%)
UNITY 21.16 Decreased By ▼ -0.53 (-2.44%)
WTL 1.27 Decreased By ▼ -0.05 (-3.79%)
BR100 6,471 Decreased By -28 (-0.43%)
BR30 22,064 Decreased By -202.2 (-0.91%)
KSE100 63,219 Decreased By -86.8 (-0.14%)
KSE30 21,306 Increased By 9.6 (0.05%)

The Pakistani rupee continued to slip lower against the US dollar in the open market on Tuesday, while the local currency also endured losses in the inter-bank market.

During the day, currency dealers Business Recorder reached out to said the rupee was quoted at 287.50 for selling and 284.50 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).

On Monday, it had stood at 284 for buying and 287 for selling purposes.

In the inter-bank market, the rupee closed at 286.39 level against the greenback on Tuesday.

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).

Meanwhile, authorities in Pakistan and the IMF mission, led by Nathan Porter, are engaged in crucial discussions on the first review of the $3 billion Stand-by-Arrangement (SBA).

Pakistan has met nearly all the conditions required for the review.

The market anticipates that the Fund will approve the second tranche of its loan, amounting to $700 million, upon the completion of the economic review, which will boost foreign exchange reserves.

Pakistan’s central bank reported an improvement in the country’s foreign exchange reserves (held by SBP), with an increase of $14 million to reach $7.50 billion in the week ending October 27.

Comments

200 characters
Tulukan Mairandi Nov 07, 2023 04:00pm
The natural course of things. 400 soon
thumb_up Recommended (0) reply Reply