Karachi: Rupee ended weaker against dollar in open market for second session, while domestic unit also dipped in inter-bank market.

During day, currency dealers said rupee was quoted at 281 for selling and 278 for buying purposes for customers in open market.

At end of trading, currency closed at same rates, according to data provided by Exchange Companies Association of Pakistan. During previous week, the PKR lost 3.50 rupees for both buying and selling  Meanwhile, rupee closed at 279.12 level against greenback in inter-bank market Gap between rates in inter-bank and open markets is required to be less than 1.25 percent under one of structural benchmarks set by International Monetary Fund.

Pakistani authorities are expected to meet IMF on upcoming review of $ 3- billion loan programme in November. Favourable review by Washington-based will pave way for release of second tranche and funding from other multilateral partners.

Apart from the central bank measures, caretaker setup also ramped up efforts against smugglers and hoarders of currency and as result, countrywide raids were reported with dozens of illegal currency exchanges barred from running operations and foreign currency worth millions confiscated.

Published in The Daily National Courier, October, 24 2023

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