The Pakistani rupee is doing well against the US dollar. In the open market, it is being sold at 286.75 and bought at 283.75. In the inter-bank market, it is hovering around 285-286. On Tuesday, it closed at 287.25 for selling and 284.25 for buying. The gap between rates in the two markets needs to be less than 1.25% according to the IMF. The IMF and Pakistani authorities reached an agreement last week on the first review of the IMF Stand-By Arrangement program. Despite getting assistance, Pakistan’s foreign exchange reserves are still low at $7.4 billion, less than three months of imports.

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By hassani

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