USD loses over Rs3 against PKR amid IMF loan approval

• The greenback is being traded at Rs163, a massive drop from Rs167.
• USD has lost Rs4.39 against the Pak Rupee since April 7 when it touched an all-time high of Rs 167.89.

The Pakistani Rupee showed an impressive improvement against the US Dollar after the USD slipped by Rs3.90 against PKR at the interbank on Friday.

As per details, the greenback is being traded at Rs163, a massive drop from Rs167. The USD has lost Rs4.39 against the Pak Rupee since April 7 when it touched an all-time high of Rs 167.89.

The latest drop in dollar value comes after the International Monetary Fund on Thursday said its executive board had approved $1.386 billion in emergency financing to Pakistan to meet the balance of payments needed stemming from the novel coronavirus pandemic.

The funds, to come from the IMF's Rapid Financing Instrument, will help Pakistan deal with a decline in international reserves and allow it to fund targeted and temporary spending increases aimed at containing the pandemic and mitigating its economic impact, the IMF said.

IMF First Deputy Managing Director Geoffrey Okamoto said: “expeditious donor support was needed to close the remaining balance of payments gap and ease the adjustment burden."