The Pakistani rupee strengthened against the dollar in the interbank foreign exchange market on Monday, the first trading session of the week.

The local unit gained 13 paisas against the greenback which was trading at Rs280.23 at the closing of the market as against the closing of Rs280.36 on Friday, December 12.

In the open market, the buying of the dollar was recorded at Rs280 while it was quoted at Rs282 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 $3 billion stand-by agreement in July 2023.