Rupee falls by 30 paisas on rising border tension

KARACHI: The Pak Rupee ended sharply down by 30 paisas against US dollar on Tuesday owing to latest border violation by Indian air force.

Indian military planes violated the Line of Control (LoC), intruding from the Muzaffarabad sector, Director-General Inter-Services Public Relations Major-General Asif Ghafoor said on his official Twitter account early on Tuesday.

Following the mounting tension at borders the currency markets witnessed deterioration.

The rupee ended Rs138.88 to the dollar as compared with previous day’s close of Rs138.88 in interbank foreign exchange market.

Last week the Pak Rupee made significant gain dollar owing to shrinking current account deficit and foreign inflows.

Last Friday 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.

The exchange rate also changed in open market and local unit lost 20 paisas.

The buying and selling of dollar was recorded at Rs138.50/Rs139.00 from previous day’s closing of Rs138.30/Rs138.80.

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