The Pakistani rupee on Wednesday gained 16 paisas against the dollar in the interbank foreign exchange market on Wednesday.

The greenback was trading at Rs279.11 at the market closing as against the previous day’s closing of Rs279.27.

In the open market, the buying and selling rates of the dollar stood at Rs279.2 and Rs 282.1, respectively, according to the Forex Association of Pakistan.

The exchange rates of the Emirates Dirham and the Saudi Riyal decreased by four paisas each to close at Rs75.99 and Rs74.42, respectively.

The price of the Euro decreased by Rs1.07 to close at Rs302.11 against the last day’s closing of Rs 303.18, according to the State Bank of Pakistan.

Meanwhile, Pakistan is preparing to host a team of the International Monetary Fund for its second review to unlock another installment of the Stand-by Agreement from the money lender.

The government has completed 25 out of the 26 requirements laid out by the Fund.

Finance Ministry officials expect the IMF team’s talks to continue with the new elected government instead of the caretaker government.