The Pakistani rupee witnessed a marginal gain against the US dollar in the open market on Thursday, while the local currency also appreciated in the inter-bank market.
During the day, currency dealers Business Recorder reached out to said the rupee was being quoted at 286.5 for selling and 283.5 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 Wednesday, it had closed at 287 for selling and 284 for buying purposes.
In the inter-bank market, the rupee registered gains against the US dollar for the third consecutive session as it appreciated 0.08% on Thursday. As per the State Bank of Pakistan, the currency settled at 285.17, an increase of Re0.22.
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 key development, the Kingdom of Saudi Arabia (KSA) has extended the term for a $3 billion deposit placed with Pakistan to support Pakistan’s economy, State Bank of Pakistan (SBP) said on Wednesday.
Earlier this month, the IMF staff and Pakistani authorities reached a staff-level agreement on the first review of the IMF Stand-By Arrangement (SBA) program. The government expects approval from the IMF’s executive board in December.