The Pakistani rupee did well against the US dollar in the open market and also improved in the inter-bank market. Currency dealers said the rupee was being quoted at 286 for selling and 283 for buying. The currency had closed at 286.5 for selling and 283.5 for buying the day before. In the inter-bank market, the rupee was hovering at 284 level against the greenback. The gap between rates in the inter-bank and open markets is required to be less than 1.25% according to the IMF. The IMF and Pakistani authorities reached a staff-level agreement on the first review of the IMF Stand-By Arrangement (SBA) program, and the government expects approval in December. It believes the currency’s value will improve after receiving a second tranche from the IMF after its review. The country’s total liquid foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $77 million to $7.257 billion.


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