The Pakistani rupee shed four paisas against the US dollar in the interbank foreign exchange market on Wednesday.

The greenback was trading at Rs279.35 at the closing of the market as against the previous day’s closing of Rs279.31.

In the open market, the buying and selling rates of the dollar stood at Rs279.2 and Rs282.1, respectively, according to the Forex Association of Pakistan.

The exchange rates of the Emirates dirham and the Saudi riyal increased by one paisa each to close at Rs76.05 and Rs74.48, respectively.

The price of the Euro increased by 32 paisas to close at Rs303.40 against the last day’s closing of Rs303.08.

An increase of 93 paisas was witnessed in the exchange rate of the British Pound, which was traded at Rs355.05 compared with the last day’s closing of Rs354.12.

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.