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The Pakistani rupee ended almost flat against the US dollar in the open market on Monday, while the local currency continued uptrend in the inter-bank market.

At the end of trading, the rupee closed at 282.34 for selling and 279.98 for buying purposes, according to data provided by the Exchange Companies Association of Pakistan (ECAP).

On Friday, it had closed at 282.36 for selling and 279.94 for buying purposes.

In the inter-bank market, the rupee recorded gains for the fourth successive session against the US dollar, appreciating 0.04% on Monday. As per the State Bank of Pakistan (SBP), the local currency settled at 281.28 after an increase of Re0.12 against the greenback.

The market awaits the International Monetary Fund (IMF) executive board meeting scheduled on January 11, which will decide on the release of the next tranche of $700 million to Pakistan under its ongoing $3 billion Stand-by Arrangement (SBA).

Meanwhile, foreign exchange reserves held by the SBP increased by $464 million on a weekly basis, clocking in at $8.2 billion as of December 29, SBP data showed.

The SBP reserves are now at the highest level since July 14, 2023, when the central bank reserves increased by $4.2 billion to reach $8.73 billion.

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