The Pakistani rupee strengthened further against the US dollar in the open market on Monday, while the local currency also appreciated in the inter-bank market.

During the day, currency dealers Business Recorder reached out to said the rupee was being quoted at 285.75 for selling and 282.75 for buying purposes for customers.

At the ending of trading, the currency closed at 285.50 for selling and 282.50 for buying purposes, according to data provided by the Exchange Companies Association of Pakistan (ECAP).

During the previous week, the rupee gained 50 paise for both buying and selling against the US dollar, closing at 283.00 and 286.00, respectively.

In the inter-bank market, the local unit continued its upward march against the US dollar for the fifth consecutive session as it appreciated 0.15% 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 (IMF).

Last month, the IMF staff and Pakistani authorities reached a staff-level agreement on the first review of the IMF Stand-By Arrangement (SBA) program. The government expects approval from the IMF’s executive board in December.

In a key development, the Kingdom of Saudi Arabia (KSA), last week, extended the term for a $3 billion deposit (maturing on December 5, 2023) placed with Pakistan for another year to support Pakistan’s economy.

Meanwhile, total liquid foreign exchange reserves held by the SBP increased by $77 million to $7.26 billion during the week ended November 24, 2023.