The Pakistani rupee stayed the same against the US dollar in the open market and remained stable in the inter-bank market. Currency dealers reported that the rupee was being sold at 281.5 and bought at 278.5. This was the same rate as the previous day. In the inter-bank market, the rupee hovered around 279. The International Monetary Fund (IMF) has set a benchmark for the gap between rates in the inter-bank and open markets to be less than 1.25%. An IMF mission led by Nathan Porter will visit Pakistan on November 2 to discuss the first review of the country’s $3 billion standby arrangement. Pakistan is currently trying to recover economically under a caretaker government following the approval of the IMF loan programme in July. The Ministry of Finance has asked all ministries and divisions to be prepared for the first review of the IMF Standby Arrangement. Under the programme, Pakistan has already received $1.2 billion from the IMF.
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