Rupee gains five paisas against dollar in early trade

KARACHI: The Pak Rupee gained five paisas against dollar in early trade on Monday owing to monitoring by authorities for import payments.

The dollar is being traded at Rs141.25 in interbank foreign exchange market. The foreign currency market was ended at Rs141.30 to the dollar on last Friday.

Last week the State Bank of Pakistan (SBP) said that large payments had been made and the local currency would recover against the greenback.

The SBP told this at a meeting with members of Forex Association of Pakistan (FAP). Since then the rupee gained 25 paisas till today morning.

Currency experts however said that the latest World Bank report issued on Sunday April 07, 2019, pointed out difficulties to Pakistan economy and forecast lower growth during two fiscal years.

The experts said that the weak economic indicators may exert pressure on the local currency in coming months.

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