The United States dollar lost another 48 paisas in value against the Pakistani rupee on Tuesday.
The change took the dollar’s value to Rs279.75 in the interbank market. On Monday, the US dollar had depreciated by a mere 12 paisas to go from Rs280.36 to Rs280.24.
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.
