The US dollar depreciated by 12 paisas or 0.04% against the Pakistani rupee in the interbank on Thursday, the central bank said.

The dollar closed at Rs279.98 after decreasing, against the previous closing of Rs280.10 in the interbank market, the State Bank said in a post on X.

On Wednesday, the greenback had fallen by 15 paisas to go from Rs280.25 to Rs280.10.

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.