US dollar sees marginal decline against Pakistani rupee

The US dollar fell by Rs0.28 to reach Rs281 in the interbank market. On Monday, the US dollar had lost Rs0.12 in value to reach Rs281.28 from Rs281.40.

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.