(CTN News) – The Pakistani rupee maintained its stability against the US dollar in the open market on Tuesday, while experiencing growth in the inter-bank market.
Currency dealers contacted by Business Recorder reported that the rupee was being quoted at 284.75 for selling and 281.75 for buying purposes for customers throughout the day.
At the close of trading, the currency remained at the same levels, as confirmed by data provided by the Exchange Companies Association of Pakistan (ECAP).
In the Dollar inter-bank market, the rupee demonstrated gains against the US dollar, appreciating by 0.04% on Tuesday. According to the State Bank of Pakistan, the currency settled at 283.78 after a rise of Re0.12.
Despite a decrease in foreign exchange reserves, experts remain optimistic about the market due to the anticipated release of funds by the International Monetary Fund (IMF) next month.
According to a report, the International Monetary Fund’s executive board is set to Dollar convene on January 11th to discuss the final approval for the disbursement of the next $700 million installment from its ongoing loan program with Pakistan.
The current IMF program, totaling $3 billion, is expected to conclude in the second week of April 2024, with approximately $1.8 billion yet to be disbursed. In July, the Fund already released $1.2 billion as the initial installment.
In a significant Dollar development, the Pakistan Institute of Development Economics (PIDE) has emphasized the importance of closely monitoring the exchange rate pressure and money supply situation within the economy.