The US Dollar hit a 22-month low on the interbank market against the Pakistani Rupee on Tuesday.

In the trading session of the second day of the business week today, the dollar lost 95 paise in the interbank market as the dollar dropped to Rs 153.20 at closing, showing an appreciation of 0.62 percent.

The value of the dollar in the interbank market is at its lowest level since June 13, 2019, and after a high of Rs 168.43 on August 20, the dollar has depreciated by Rs 15.23 so far.

The US Dollar had lost an average of 55 paise to close at Rs 154.04 against the PKR yesterday.

The Rupee momentum comes on the back of growth in remittances and Roshan Digital Accounts (RDA).

The development comes after the International Monetary Fund (IMF) last week approved a $500 million disbursement to Pakistan for budgetary support after its Executive Board completed delayed reviews of Pakistan’s $6 billion loan program.

Furthermore, Pakistan, and the World Bank Friday signed loan agreements of seven projects worth around $1.336 billion. The accords focus on social protection, disaster and climate risk management, improving infrastructure for resilience, agriculture and food security, human capital development, and governance sectors.