The rupee gained 93 paise against the dollar in the interbank on Thursday, according to the State Bank of Pakistan. The local currency closed at Rs278.58 against the previous closing of Rs279.51.

The greenback had fallen below Rs280 for the first time in five months on Wednesday.

The caretaker government has attributed the rupee appreciation to the crackdown on illegal money exchangers and dollar hoarders.

In an interview with WE News, caretaker Prime Minister Anwaarul Haq Kakar said that the country for the “first time” saw a reversal of the value of the dollar with a consistent descent of about Rs40 to Rs45.

The continuation of the Special Investment Facilitation Council (SIFC) would lead to sustainability, he claimed and dismissed the impression that the army had taken over the mining sector through the SIFC platform.

In past interviews, he has given credit to the army for the crackdown on illegal money exchangers.