The rupee appreciated by Rs1.06, or 0.37%, against the dollar in the interbank market on Thursday, according to the State Bank of Pakistan.

The foreign currency closed at Rs283.62 today, the central bank said in a post on X, erstwhile Twitter.

The government has attributed the rise in the rupee’s value to the crackdown on illegal money exchangers and dollar smugglers.

The dollar had fallen by Rs1.04 from Rs285.72 to Rs284.68 on Wednesday.

Despite rupee’s appreciation, many experts have called for taking long term measures and bringing structural reforms to improve the economy and strengthen the rupee.