In the opening trading session of the week, the Pakistani rupee exhibited strength against the US dollar in the interbank foreign exchange market. Closing at Rs280.23, the local currency gained 13 paisas compared to its previous value of Rs280.36 on Friday.

In the open market, the dollar’s buying rate stood at Rs280, while the selling rate was quoted at Rs282 at the time of reporting.

Following its peak above the Rs300 mark a few months ago, the dollar has witnessed a gradual decline, attributed in part to the government’s stringent measures against hoarding and smuggling.

The positive momentum for the local currency in both interbank and open markets can be linked to the International Monetary Fund’s staff-level agreement with Pakistan on a $3 billion stand-by agreement in July 2023. This development has contributed to a more favorable exchange rate environment for the Pakistani rupee. Stay updated with the latest developments in the currency market for informed financial decisions.