The US currency closed at Rs275.30 against the local currency. The greenback fluctuated in the early morning trade as it fell by more than two rupees, however, it depreciated to a little extent when the market closed.

“It seems that the process of exchange rate correction has initiated, after exporters encashed their payments in large numbers, leading to selling pressure in the inter-bank market,” Exchange Companies Association of Pakistan General Secretary Zafar Paracha said in a statement available with the Business Recorder.

He went on to add that the upward momentum was expected to continue in the coming days.

The rupee appreciation comes after the local currency slipped to an all-time low against the dollar on Friday, closing at 276.58.