Dollar lost Rs3.3 against Pakistani rupee on Friday to trade at Rs163.58 in the interbank market.
The dollar fell behind by 1.9 per cent to opening rate of Rs166.88 on Friday.
Fluctuations in currency market were rather evident as the greenback hit Rs167 intraday, before plunging to Rs163.25 before closing at Rs163.58.
The gain rupee’s value has surfaced after the IMF’s disbursement of $1.386 billion to Pakistan under its Rapid Financing Instrument to support the country’s economy in COVID-19 economic fallout.
“The increase in rupee was primarily due to the decision of the IMF, including the $1.386bn financing, plus the debt relief offered by G-20 until the end of 2020 to developing nations, including Pakistan, helped boost sentiments in the market,” said former general secretary of the Exchange Companies Association of Pakistan, Zafar Paracha.
Earlier, the interest rate was revised to 9 per cent by the State Bank of Pakistan following an emergency meeting of the Monetary Policy Committee. The rate has been slashed to single digit after more than a year.
The dollar has lost Rs4.39 from its historic peak of Rs167.89 since the start of April.
Rupee gains strength against greenback; dollar trading at 163.58 interbank
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