The US dollar fell by 22 paisas, or depreciated by 0.08%, against the rupee to close at Rs285.17 in the interbank market on Thursday, the State Bank of Pakistan said.

It was the third consecutive day that the greenback fell against the local currency in the interbank market.

On Wednesday, the dollar fell by 13 paisas to close at Rs285.39.

According to the Ismail Iqbal Securities, the rupee has depreciated by 20.60% CYTD and appreciated by 0.29% FYTD.

A day earlier, the Saudi Fund for Development on behalf of Saudi Arabia extended the term of the $3 billion deposit maturing on December 5, 2023, for another year. The deposit is placed with the SBP on behalf of Pakistan.

“The continuation of this support by the Kingdom of Saudi Arabia will help Pakistan maintain forex reserves and boost its economic growth,” it said.

In the recent past, the government has been taking measures to bring stability to the rupee and stop the illegal trade of currencies.

The interim setup has attributed the appreciation in the rupee to the crackdown on illegal hoarders and money exchangers.