The Pakistani rupee weakened further against the US dollar in the open market on Wednesday, while the local currency also registered a decline 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.

However, at the end of trading, the local currency closed at 283.5 for selling and 280.5 for buying, according to data provided by the Exchange Companies Association of Pakistan (ECAP).

On Tuesday, it had closed at 283 for selling and 280 for buying purposes.

In the inter-bank market, the rupee maintained its downward trajectory against the US dollar for the eighth consecutive session on Wednesday, as it depreciated 0.42%. It settled at 282.65, a decrease of Rs1.18.

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’s mission, led by Nathan Porter, will visit Pakistan on Thursday to discuss the first review of the country’s $3 billion standby arrangement (SBA).

A Finance Ministry official sounded confident about the successful completion of the SBA review, reported Business Recorder.

However, external financing needs may come under sharp focus during the review, as the budgeted $4.5 billion loans from foreign commercial banks and $1.5 billion through issuance of Eurobonds for the current fiscal year have yet to materialise.

A successful review is crucial to pave the way for further inflows into the country, which deals with low foreign exchange reserves.