US dollar rate in Pakistan decline by Re0.25 to Rs284.50 in open market on Dec 13

KARACHI: The US dollar rate in Pakistan dropped by Re0.25 to Rs284.50 in the open market on Wednesday (Dec 13).

While the Pakistan rupee maintained an upward momentum in the inter-bank market.

During the day, currency dealers said the rupee was traded at 284.50 for selling and 281.50 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).

On Tuesday, it had closed at 284.75 for selling and 281.75 for buying purposes.

In the inter-bank market, the rupee witnessed back-to-back gains against the US dollar as it appreciated 0.06% on Wednesday. As per the State Bank of Pakistan, the local unit settled at 283.61 after an increase of Re0.17 against the greenback.

However, the market remains confident amid an expected release of funds by the International Monetary Fund (IMF) next month, said experts.