The Pakistani rupee remained unchanged against the US dollar in the open market on Tuesday, while the local currency registered gains in the inter-bank market.

During the day, currency dealers Business Recorder reached out to said the rupee was being quoted at 284.75 for selling and 281.75 for buying purposes for customers.

At the end of trading, the currency closed at the same levels, according to data provided by the Exchange Companies Association of Pakistan (ECAP).

In the inter-bank market, the rupee registered gains against the US dollar as it appreciated 0.04% in the inter-bank market on Tuesday. As per the State Bank of Pakistan, the currency settled at 283.78 after an increase of Re0.12.

Despite a decline in foreign exchange reserves, the market remains confident amid an expected release of funds by the International Monetary Fund (IMF) next month, said experts.

As per a report, the IMF’s executive board will meet on January 11 to consider the final approval to disburse the next $700 million tranche from its current loan programme with Pakistan.

The current IMF programme of $3 billion is scheduled to end in the second week of April 2024, with around $1.8 billion remaining undisbursed. The Fund released $1.2 billion as the first tranche in July.

In a key development, the Pakistan Institute of Development Economics (PIDE) has urged the securities to keep a strict watch on the exchange rate pressure and money supply situation in the economy.