The rupee appreciated by 39 paisas against the US dollar in the interbank market on Thursday, insiders said. The foreign currency was being traded at Rs281.80 in early morning trade.

This is the 12th consecutive session where US dollar has declined against the rupee in the interbank market.

The local unit gained 17 paisas against the greenback on Wednesday to close at Rs282.2, according to the State Bank of Pakistan. In the open market, the buying of the dollar was recorded at Rs282.

Mohammad Sohail, an analyst at the Pakistan Stock Exchange, said on Wednesday that the rupee remained stable in the second half of 2023 after the International Monetary Fund deal.

The rupee was down 20% in 2023 against the dollar, he added.