The Pakistani rupee lost value against the US dollar in both the open market and inter-bank market. In the open market, it was being quoted at 287 for selling and 284 for buying. This is a change from the previous week when the rupee had gained some value against the dollar, closing at 283.50 and 286.50. The gap between rates in the two markets needs to be less than 1.25% under an IMF benchmark. Pakistan is currently operating under a caretaker government after receiving a $3 billion IMF loan to prevent a debt default. The IMF and Pakistani authorities have reached an agreement on the first review of the loan program, which is expected to be approved by the IMF executive board in December. The country’s foreign exchange reserves have declined, with the State Bank of Pakistan reporting a steep decline to $7.18 billion. Market experts expect the local currency to remain stable but influenced by news flows.

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By hassani

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