The recovery in the value of the Pakistani rupee continued as it gained further strength against the dollar in the interbank foreign exchange market on Wednesday.

The foreign currency shed 12 paisas to reach Rs279.67 at the closing of the market from Rs279.79 the previous day.

In the open market, the buying of the dollar was recorded at Rs278.9 while it was quoted at Rs280.9 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.