The United States dollar depreciated against the Pakistani rupee as the new week began.
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.