KARACHI: Rate of the US dollar in Pakistan continued its upward trend in the open market, increasing by Re0.50 to reach Rs287.50 on Monday (Nov 7).

Currency dealers reported that the rupee was quoted at Rs287.50 for selling and Rs284.50 for buying purposes for customers during the day.

This marks a change from the previous day when the rupee closed at Rs284 for buying and Rs287 for selling, as per data provided by the Exchange Companies Association of Pakistan (ECAP).

Meanwhile, in the inter-bank market, a significant rise in the US dollar’s value was observed, with it surging by Rs1.10 and closing at Rs286.39.

It is important to note that the gap between the exchange rates in the inter-bank and open markets needs to be less than 1.25%, in accordance with one of the structural benchmarks established by the International Monetary Fund (IMF).