Rupee gains as dollar drops by Rs3.31 in interbank market

The US dollar fell on Friday by Rs3.31 against the rupee in the interbank market.

The interbank dollar rates closed at Rs163.57 for the day, declining 1.98% as the rupee strengthened.

On April 16, the interbank market closing rate was reported at Rs166.88 against the US dollar.

The gain in rupee today came on the heels of the International Monetary Fund's approval for disbursement of US$1.386 billion to Pakistan to mitigate the economic setbacks caused by the coronavirus pandemic.

The funds came under the Rapid Financing Instrument by the global financial body to help economies brace the impact of the coronavirus shock.

Pakistan is a longtime recipient of support from the IMF and is already under a three-year, $6 billion program that was approved last year.