Pakistani Rupee thrashes US dollar in interbank

The US dollar lost Rs0.22 in the opening hours of trading to fall to Rs281 in the interbank market. On Tuesday, the US dollar had lost a mere 6 paisas to fall from Rs281.28 to Rs281.22.

Since crossing the Rs300 mark a few months ago, the value of the dollar has slowly decreased in the face of a crackdown by the government against hoarding and smuggling.

The local currency started to make some ground against the dollar in interbank and open markets after the International Monetary Fund reached a staff-level agreement with Pakistan on a $3billion stand-by agreement in July 2023.