The United States Dollar continued to depreciate against the Pakistani rupee on Wednesday. The US dollar began the day with the loss of 49 paisas to fall to Rs279.75 in the interbank trade. On Tuesday, the exhange rate had remained stable at Rs280.24, with the SBP saying there had been 0% change in value. 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)