The Pakistani rupee extended gains against the US dollar in the open market on Thursday, while the local currency also appreciated in the inter-bank market.

At the end of trading, the rupee closed at 282.68 for selling and 280.21 for buying purposes, according to data provided by the Exchange Companies Association of Pakistan (ECAP).

On Wednesday, it had closed at 283.20 for selling and 280.79 for buying purposes.

In the inter-bank market, the rupee maintained its upward trajectory against the US dollar for the 12th consecutive session as it appreciated 0.1% on Thursday. As per the State Bank of Pakistan (SBP), the local unit settled at 281.93 after an increase of Re0.27 against the greenback.

The market awaits the International Monetary Fund (IMF) executive board meeting scheduled on January 11, which will decide on the release of the next tranche of $700 million to Pakistan under its ongoing $3 billion Stand-by Arrangement (SBA).

In a related development, foreign exchange reserves held by the SBP witnessed a significant increase of $852 million on a weekly basis, clocking in at $7.75 billion as of December 22, data released on Thursday showed.