The US dollar has experienced a decline of 0.85 PKR and is currently being traded at Rs287.90 in the interbank market, according to foreign exchange dealers.
Meanwhile, banks are selling US dollars to importers at Rs288.40, as stated by currency dealers.
In the open market, the dollar has dropped by 50 paisa and is trading at 289.50 Pakistani rupees, say forex dealers.
The Pakistani rupee has been strengthening against the US dollar in the open market, with the gap between the interbank market and open market remaining narrow and within the limits set by the International Monetary Fund (IMF).
This positive trend for the rupee can be attributed to a crackdown on illegal currency businesses across the country by law enforcement agencies.
Furthermore, the State Bank of Pakistan has directed commercial banks to establish their own exchange companies as fully owned subsidiaries.
In August, the Pakistani rupee faced continuous devaluation, with the buying and selling rates of the dollar in the open market reaching as high as Rs322 and Rs325, respectively.