The dollar’s rate against the rupee fell by 90 paise in the interbank on Monday, according to the State Bank of Pakistan. The dollar closed at Rs290.86.

The greenback also lost 50 paisas in the open market and was trading for Rs293 in the open market in the midday trading.

The value of the dollar had crossed the 300 mark in both interbank and open markets earlier this month.

According to the government, the rupee’s appreciation in the recent past was due to a crackdown against illegal money exchangers and dollar hoarders.