Rupee gains against dollar for third consecutive day

KARACHI: The Pak Rupee gained for the third consecutive day against dollar on Friday 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.

Currency experts said that the improved inflows of workers remittances and narrowed current account deficit improved the local currency.

The interbank foreign exchange market was initiated in the range of Rs138.70 and 138.75.

The market recorded day high of Rs138.70 and low of Rs138.52 and closed at Rs138.55.

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 open market was remained flat.

The buying and selling of dollar was recorded at Rs138.50/Rs138.90 from previous day’s closing of Rs138.50/139.00 in cash ready market.

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