The Pakistani rupee weakened by eight paisas against the US dollar in the interbank trading on Friday.

The greenback was trading at Rs279.19 at the closing of the market as against Rs279.11 the previous day.

The buying and selling rates of the dollar in the open market stood at Rs279.4 and Rs282.3, respectively, according to the Forex Association of Pakistan.

The exchange rates of the Emirates Dirham and the Saudi Riyal increased by two paisas each to close at Rs76.01 and Rs74.44, respectively.

The price of the Euro decreased by 36 paisas to close at Rs302.05 against the last day’s closing of Rs302.41, according to the State Bank of Pakistan.

A decrease of 37 paisas was witnessed in the exchange rate of the British Pound, which was traded at Rs352.87 compared to the last closing of Rs353.24.

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.