The Pakistani rupee maintained its upward momentum against the US dollar in the interbank foreign exchange market on Wednesday.

The greenback shed nine paisas and was trading at Rs281.13 at the closing of the market, as against the closing of Rs281.22 the previous day.

In the open market, the buying of the dollar was recorded at Rs280.5 while it was quoted at Rs283 for selling at the time of filing the story.

Since crossing the Rs300 mark a few months ago, the value of the dollar has slowly decreased in the face of a crackdown by the government against hoarding and smuggling.

The local currency started to make some ground against the dollar in interbank and open markets after the International Monetary Fund reached a staff-level agreement with Pakistan on a $3billion stand-by agreement in July 2023.