The Pakistani rupee registered a further loss against the US dollar in the open market on Tuesday, while the local currency also declined in the inter-bank market.

During the day, currency dealers Business Recorder reached out to said the rupee was quoted at 283 for selling and 280 for buying purposes for customers.

At the end of trading, the local currency closed at the same rates, according to data provided by the Exchange Companies Association of Pakistan (ECAP).

On Monday, it had closed at 282.5 for selling and 279.5 for buying purposes.

In the inter-bank market, the rupee closed at 281.47 against the greenback on Tuesday.

The gap between rates in the inter-bank and open markets is required to be less than 1.25% under one of the structural benchmarks set by the International Monetary Fund (IMF).

The IMF mission, led by Nathan Porter, will visit Pakistan this week (November 02) to discuss the first review of the country’s $3 billion standby arrangement (SBA). A successful review is crucial to pave the way for further inflows into the country, which deals with low foreign exchange reserves.

Meanwhile, the World Bank in its latest report titled ‘South Asia Development Update Toward faster, cleaner growth’, stated that the Pakistani rupee depreciated sharply between early 2022 and early 2023.

The currency has been broadly stable since last year’s attempts to limit capital outflows through import and capital controls diverted remittance inflows from formal channels, contributing to shortages of foreign currency, it added.