The Pakistani rupee maintained its upward trend against the US dollar in the open-market as well on Monday as the gap with the inter-bank market continued to stay narrow and within the prescribed limit set by the International Monetary Fund (IMF).

Currency dealers Business Recorder reached out to say the rupee was quoted at 287 for selling and 284 for buying purposes for customers.

At the end of trading on Monday, the currency closed at 286.5 and 283.5, according to data provided by the Exchange Companies Association of Pakistan (ECAP).

The increase, criticised by some as unsustainable since it comes on the back of administrative measures, is also seen as a positive as it curbs ‘speculation’ in the currency market. It also means the gap between the inter-bank and open markets has narrowed to negligible levels, meeting the structural benchmark set by the IMF.

The development comes at an apt time for Pakistan which is set to enter the next review of its Stand-By Arrangement with the IMF.

Meanwhile, the government continued to tighten its noose against currency smugglers and hoarders.

The Federal Investigation Agency (FIA) has made 239 arrests in the last 6 weeks. As per details shared by state-run broadcaster PTV, the FIA arrested 101 people from KP zone, 15 from Lahore zone, 24 from Gujranwala, 21 from Faisalabad, and 19 from Multan.

The agency recovered Rs660 million from them, including Rs450 million in local currency, US$278,714, and other currencies worth Rs120 million.

Several plazas and shops were sealed during the raids, the state broadcaster said.