The dollar closed at Rs279.98 after decreasing, against the previous closing of Rs280.10 in the interbank market, the State Bank said in a post on X.

On Wednesday, the greenback had fallen by 15 paisas to go from Rs280.25 to Rs280.10.

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.