KARACHI: The US dollar gained Rs1.21 against the Pakistani rupee in the interbank market on Monday.

With the increase, the US dollar was being sold at Rs160 in the interbank market.

The US dollar also witnessed an increase of Rs0.75 in the open market where it was being sold at Rs160.50.

Last week, Pakistan received the first tranche of a loan of $991.4 million from the International Monetary Fund (IMF) under the under Extended Fund Facility (EFF).

According to the State Bank of Pakistan (SBP), following the loan from the IMF, the country’s foreign exchange reserves now stand at above $15.0431 billion.