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The Pakistani rupee remained unchanged against the US dollar in the open market on Wednesday, while the local currency saw marginal improvement in the inter-bank market.

During the day, currency dealers Business Recorder reached out to said the rupee was being quoted at 287 for selling and 284 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 settled at 285.39, an increase of Re0.13 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).

In a related development, the task force on tax and Federal Board of Revenue (FBR) reforms, Tuesday, briefed the IMF technical team on tax policy reforms and restructuring proposals of the FBR.

Sources told Business Recorder that the IMF technical team met different groups of the task force on tax and FBR reforms.

The task force group on FBR’s restructuring informed the IMF that the separation of tax policy from operations functions is part of restructuring proposals of the FBR.

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