The Pakistani rupee weakened further against the US dollar in the open market on Friday, while the local currency also slipped lower in the inter-bank market.

During the day, currency dealers Business Recorder reached out to said the rupee was quoted at 285 for selling and 282 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 Thursday, it had closed at 284.5 for selling and 281.5 for buying.

In the inter-bank market, the rupee closed at the 284.31 level against the greenback.

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).

Authorities in Pakistan and the IMF mission, led by Nathan Porter, have also begun crucial discussions on the first review of the $3 billion Stand-by-Arrangement (SBA) from today (Thursday) onwards.

During the talks, Nathan Porter appreciated the government’s commitment to meeting the 1st quarter targets and commended the government’s efforts and measures taken in some critical areas. He further underscored the importance of continuation of these efforts for staying on track for economic stability of the country.

Caretaker Finance Minister Dr Shamshad Akhtar expressed her appreciation for the continued support and assistance of the IMF. She reaffirmed the government’s commitment to working closely with the IMF to ensure successful completion of the SBA and achieve the economic objectives, the ministry added.

The IMF review process will be conducted in two phases. Initially, technical talks will be held, which will be followed by policy-level discussions.

Under the programme, Pakistan received $1.2 billion from the IMF as the first tranche in July.