The value of the US dollar dropped by Rs3.65 in the interbank market Monday morning hours after it became clear that PMLN-led government was planning to install Ishaq Dar as the finance minister. In the open market the price of US dollar fell by Rs5.90.

The interbank rates closed at 237.02 after falling by Rs3.65 from Rs239.65, according to the State Bank of Pakistan.

Earlier, the US dollar traded at Rs236 on Monday morning in the interbank market, Aaj TV reported.

In the open market the US dollar being traded at Rs236.5 after losing its value by Rs5.90.

This means that the gap between open market and interbank market rates has narrowed down to almost nothing.

In the past few weeks, the difference between interbank and open bank rates had grown to over Rs10.

The value of the US dollar had appreciated to over Rs240 in the interbank last week.

Dar will be replacing Miftah Ismail, who announced his resignation Sunday night after his meeting with party supremo Nawaz Sharif and Prime Minister Shahbaz Sharif.

The reports of Dar’s return also had an impact on the Pakistan Stock Exchange (PSX) with the benchmark KSE-100 index closing 531.33 points or 1.29% higher at 41151.54.