Rupee ends down against dollar on higher demand

KARACHI: The Pak Rupee ended down against US dollar on Monday owing to higher demand for import and corporate payments.

 

 

The rupee depreciated by three paisas to close at Rs138.58 to the dollar from last Friday’s close of Rs138.55 in interbank foreign exchange market.

The interbank foreign exchange market was initiated in the range of Rs138.70 and Rs138.75.

The market recorded day high of Rs138.70 and low of Rs138.52 and closed at Rs138.58.

The local currency fell after maintaining gain for three consecutive trading days,

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.

In the open market the local unit, however, maintained level.

The buying and selling of dollar was recorded at Rs138.30/Rs138.80, the same level ended on Saturday, in cash ready market.

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