Open-market: rupee edges lower against US dollar

(MANEND NEWS): The Pakistani rupee continued to slip lower against the US dollar in the open market on Tuesday, while the local currency also endured losses in the inter-bank market.

During the day, currency dealers Business Recorder reached out to said the rupee was quoted at 287.50 for selling and 284.50 for buying purposes for customers.

On Monday, the currency closed at 284 for buying and 287 for selling purposes, according to data provided by the Exchange Companies Association of Pakistan (ECAP).

In the inter-bank market, the rupee was hovering at the 286 level against the greenback.

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).

Meanwhile, authorities in Pakistan and the IMF mission, led by Nathan Porter, are engaged in crucial discussions on the first review of the $3 billion Stand-by-Arrangement (SBA).

Pakistan has met nearly all the conditions required for the review.

The market anticipates that the Fund will approve the second tranche of its loan, amounting to $700 million, upon the completion of the economic review, which will boost foreign exchange reserves.

Pakistan’s central bank reported an improvement in the country’s foreign exchange reserves (held by SBP), with an increase of $14 million to reach $7.50 billion in the week ending October 27.

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