The United States dollar slid by 0.04% against the Pakistani Rupee on Monday to reach Rs281.28 in the interbank trade, according to the State Bank of Pakistan.

The US dollar fell by Rs0.39 in the opening hours of Monday but fell by 12 paisa at the end of the day.

On Friday, the US dollar had fallen by Rs0.27 to go from Rs281.67 to Rs281.40.

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.