Rupee maintains level against dollar

KARACHI: The Pak Rupee maintained level against dollar on Wednesday despite higher demand for import and corporate payments.

The rupee ended Rs138.81 to the dollar from previous day’s close of Rs138.82 in interbank foreign exchange market.

The interbank foreign exchange market was market initiated in the range of Rs138.80 and Rs138.85.

The market recorded day high of Rs138.88 and low of Rs138.78 and closed at Rs138.81.

Currency experts said that due to declining import bill the demand for the greenback was eased.

The trade deficit has narrowed by 11 percent during first eight months of current fiscal year owing decline in import bill, Pakistan Bureau of Statistics (PBS) said on Tuesday.

The trade deficit shrank to $21.52 billion during July – February 2018/2019 as compared with the deficit of $24.19 billion in the corresponding period of the last fiscal year.

The import bill of the country was declined by 6.13 percent to $36.63 billion during first eight months of current fiscal year as compared with $39.03 billion in the same period of the last fiscal year.

The exchange rate in the open market was also remained stable.

The buying and selling of dollar was recorded at Rs138.30/Rs138.80, the same previous day’s level, in cash ready market.

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