The rupee’s march against the dollar continued for the 24th consecutive session on Wednesday, as the greenback recorded a further loss of Re1 in the interbank foreign exchange market.

The foreign currency was trading at Rs279.51 at the closing of the interbank market, against the closing of Rs280.51 the previous day. This is the first time it has fallen below 280 in five months.

The local unit also recorded gains against the dollar as it declined by Re1. The greenback was selling at Rs279 on Wednesday.

The rupee’s improvement came after a countrywide crackdown against smuggling and hoarding of the dollar.

The value of the dollar had skyrocketed in September, reaching Rs330 in the open market at one point.

Read: Dollar will fall to Rs250, says former FBR chief Shabbar Zaidi

On the other hand, the Pakistan Stock Exchange also got off to a healthy start. The benchmark KSE-100 Index gained 203 points to reach 48,343 level.