The Pakistani rupee has lost value against the US dollar in both the open market and inter-bank market. Currency dealers reported that the rupee was being sold at 282.5 and bought at 279.5 for customers. Last week, the rupee depreciated by 1.00 rupee for both buying and selling, closing at 278.50 and 281.50 against the dollar. In the inter-bank market, the rupee was around 280 against the greenback. The International Monetary Fund (IMF) has set a benchmark requiring the gap between rates in the inter-bank and open markets to be less than 1.25%. This week, an IMF mission will visit Pakistan to discuss the first review of the country’s $3 billion standby arrangement. A successful review is important for attracting further inflows as Pakistan deals with low foreign exchange reserves. Previously, the rupee had seen a long period of appreciation against the US dollar due to measures announced by the State Bank of Pakistan and the interim government.
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