Open-market: rupee remains stable against US dollar

The Pakistani rupee remained unchanged against the US dollar in the open market on Tuesday.

During the day, currency dealers Business Recorder reached out to said the rupee was being quoted at 289 for selling and 286 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).

In the inter-bank market, the rupee sustained losses for the 16th successive session against the US dollar, as it depreciated 0.11% to settle at 287.87, a decrease of Re0.32.

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).

Pakistani authorities led by Caretaker Finance Minister Dr Shamshad Akhtar on Monday began policy-level talks with the visiting staff mission of the IMF on the first review of Stand-By-Arrangement (SBA) in a bid to secure $710 million of the $3 billion loan programme.

An official told Business Recorder that so far, talks have been progressing according to expectations, and some issues that emerged earlier during technical level talks could be discussed now.

He added that two sessions of talks have been held on Monday with one in the morning and one in the evening. In reply to a question about whether any new taxes have been proposed, he added that at this point in time, the FBR tax collection is slightly above target.

However, about external financing, another official said that the Fund might have raised some questions.