The Pakistani rupee remained stable against the US dollar in the open market on Wednesday, while the local currency weakened further in the inter-bank market.

During the day, currency dealers Business Recorder reached out to said the rupee was quoted at 287.50 for selling and 284.50 for buying purposes for customers.

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

In the inter-bank market, the rupee closed at 286.90 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).

Meanwhile, authorities in Pakistan and the IMF mission, led by Nathan Porter, are engaged in crucial discussions on the first review of the $3 billion Stand-by-Arrangement (SBA).

Analysts believe the successful review would improve the external account position of the country, which has recently seen its foreign exchange reserves dwindle in recent weeks on account of debt repayments.

The forex reserves held by the State Bank of Pakistan (SBP) slightly increased by $14 million on a weekly basis, clocking in at $7.5 billion as of October 27.