The Pakistani rupee continued its rally against the US dollar in the interbank foreign exchange market on Tuesday.

The greenback shed five paisas to settle at Rs279.8 at the closing of the market as against Rs279.85 the previous day.

In the open market, the buying of the dollar was recorded at Rs279 while it was quoted at Rs281 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.