The Pakistani rupee maintained its momentum against the US dollar in the open market on Friday, while the local currency also recorded improvement in the inter-bank market.
During the day, currency dealers Business Recorder reached out to said the rupee was being quoted at 286 for selling and 283 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 Thursday, it had closed at 286.5 for selling and 283.5 for buying purposes.
In the inter-bank market, the rupee continued its upward trajectory against the US dollar for the fourth successive session as it appreciated 0.07% on Friday. As per the State Bank of Pakistan, the currency settled at 284.97, an increase of Re0.20.
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).
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.
It believes that the value of the country’s currency would further improve after receiving a second tranche from the IMF after its review.
Meanwhile, the country’s total liquid foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $77 million to $7.257 billion during the week ended November 24, 2023.