The Pakistani rupee extended its gains against the dollar in the interbank foreign exchange market on Wednesday.

The greenback shed 14 paisas and was trading at Rs280.1 at the closing of the market as against the closing of Rs280.24 the previous day.

In the open market, the buying of the dollar was recorded at Rs279.5 while it was quoted at Rs281.5 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.