US dollar decline against Pakistani rupee

The US dollar lost 36 paisas in the opening hours of trading to fall to Rs279.30 in the interbank market.

On Thursday, the dollar’s value had closed on Rs279.67, without any change from the previous day.

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 $3 billion stand-by agreement in July 2023