The United States dollar fell by 11 paisas against the Pakistani rupee on Friday. The change in value took the value of the US dollar to Rs279 in the interbank trade. On Thursday, the value of the dollar had remained relatively stable, with a change of only 1 paisa being recorded. 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.
Credit: Independent News Pakistan (INP)