The Pakistani rupee continued its downward trajectory against the US dollar in the open market on Monday.

During the day, currency dealers Business Recorder reached out to said the rupee was quoted at 289 for selling and 286 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).

During the previous week, the PKR lost 3 rupees for both buying and selling against the USD, closing at 285.00 and 288.00.

In the inter-bank market, the rupee closed at at 287.55 level against the greenback on Monday.

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.

The market is watching the ongoing discussions between the government and the IMF.

Pakistan and the IMF initiated technical level discussions on the first review on November 03 and policy level talks are likely to be held from 13th November (Monday) onwards.

Last week, the caretaker Finance Minister Dr Shamshad Akhtar told the media she is optimistic about the success of talks with the IMF on the first review while responding to questions outside the Finance Ministry.

She added that talks are progressing positively as all the ministries and divisions have implemented the agreed targets and their performance is satisfactory.