US dollar depreciates against Pakistani rupee in interbank market

The US dollar lost Rs0.29 in value to fall to Rs279.60 in the interbank trade. On Friday, the dollar had fallen by a mere eight paisas to grom Rs279.98 to Rs279.90.

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.