The local currency gained seven paisas against the greenback which was trading at Rs279.59 at the closing of the market as against the closing of Rs279.66 the previous day.

However, the buying and selling rates of the dollar stood at Rs279.1 and Rs281.3 respectively, in the open market, according to the Forex Association of Pakistan.

Meanwhile, the price of the Euro decreased by Rs2.01 to close at Rs302.46 against the previous closing of Rs304.47, according to the central bank.

The Japanese Yen remained unchanged and closed at Rs1.89, whereas a decrease of Rs1.20 was witnessed in the exchange rate of the British Pound, which traded at Rs354.62 compared with the last closing of Rs355.82.

The exchange rates of the Emirates Dirham and the Saudi Riyal decreased by two paisas each to close at Rs76.12 and Rs74.55 respectively.

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.