Dollar drops value by Rs4, reaches 160 in interbank

After hitting an all time high for two consecutive days, the value of dollar dropped on Friday hitting Rs160 in the interbank trade.

The dollar dropped by Rs4 in the interbank market to reach Rs160, local media reported. On Thursday, the greenback had climbed high hitting Rs164 as it gained Rs2.34 in the interbank market. Similarly, on Wednesday the rupee closed at Rs162.16 in the market.

The dollar has been on a consistent upward climb since the Pakistan Tehreek-e-Insaf government signed an agreement with the International Monetary Fund (IMF). Pakistan and IMF signed a deal on a $6 billion bailout package averring that the rupee value would hence forth be ‘market-determined’.