The drop in value took the US dollar’s value to Rs281.67 in the interbank market, according to the State Bank of Pakistan, against the previous closing of Rs281.72 on Wednesday.

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.