The Pakistani rupee fell marginally against the US dollar in the open market on Wednesday, while the local currency strengthened further in the inter-bank market.

During the day, currency dealers Business Recorder reached out to said the rupee was being quoted at 284.25 for selling and 281.25 for buying purposes for customers.

At close on Wednesday, however, the currency settled at 284.5 for selling and 281.5 for buying, according to data provided by the Exchange Companies Association of Pakistan (ECAP).

In the inter-bank market, the rupee settled at 282.9 against the greenback on Wednesday.

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

The expected release of funds would improve the external position of the country, and also ease pressure on the currency.

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.

Earlier in November, Pakistan and the IMF reached a staff-level agreement (SLA) on the first review of the country’s nine-month Stand-By Agreement (SBA).