Rupee continues gain against dollar in early trade

KARACHI: The Pak Rupee has continued its appreciation against the US dollar and gained 10 paisas in early trade on Monday.

The US dollar is being traded at Rs138.45 in interbank foreign exchange market.

The exchange rate was closed at Rs138.55 to a dollar on last Friday or February 22, 2019.

Currency analysts said that the narrowed current account deficit had improved market sentiments.

Earlier on last Friday, the Pak Rupee gained for the third consecutive day against dollar owing to shrinking current account deficit and foreign inflows.

The rupee ended with gain of eight paisas to end at Rs138.55 to the dollar as compared with previous day’s closing of Rs138.63 in interbank foreign exchange market.

The rupee maintained gains for the third consecutive day as exchange rate was reached to Rs138.92 to the dollar on February 19, 2019.

Pakistan’s current account deficit has narrowed by 16.8 percent to $8.424 billion owing to declining imports and improved foreign remittances.

According to statistics released by State Bank of Pakistan (SBP), the current account deficit narrowed to $8.424 billion during July – January 2018/2019 as compared with the deficit of $10.124 billion in the corresponding period of the last fiscal year.

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