"Although the Jhelum River was still flowing marginally above the flood mark at Ram Munshibagh here at 7 AM today (on Saturday), it has fallen below the danger level at Sangam in Anantnag," the official from the Irrigation and Flood Control Department said.
Water level in all the tributaries of the river in Jammu and Kashmir has come down, he added.
"The overall flood threat faced by the people in the valley over the last few days is over," he said.
The official, however, added that the field staff of the department shall continue to remain in high alert till temporary breaches and seepage at some places in the river and stream embankments were plugged.
The University of Kashmir has announced that all exams scheduled for Saturday would be held as per the announced date sheet.
Educational institutions will, however, continue to remain closed in the valley till Monday.
Despite the improvement in weather, water logging problems continued to trouble people in many residential and commercial areas here.
Many villages in north Kashmir's Baramulla district were still inundated although authorities said the situation was expected to return to normal within the next two to three days.
Meanwhile, the Met office has forecast fair weather in the Kashmir Valley till Tuesday.