Rupee makes gain in open market

KARACHI: The rupee gained 10 paisas against dollar on Saturday in open market owing to inflows of foreign currency.

The buying and selling of dollar was recorded at Rs138.30/Rs138.80 from previous day’s closing of Rs138.50/Rs138.90.

The local currency was remained buoyant against the greenback in interbank foreign exchange market during the week owing to significant fall in current account deficit.

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) on Thursday, 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 in interbank market ended at Rs138.55 on Friday as rupee gained for the third consecutive day against the dollar.

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