Rupee makes significant gain against dollar in early trade

KARACHI: The Pak Rupee made significant gains against dollar in early trade on Tuesday owing to narrowing current account deficit and inflows of foreign assistance, dealers said.

The rupee gained 10 paisas in the early trade in interbank foreign exchange market.

The dollar is being traded at Rs138.65 in interbank foreign exchange market.

The exchange rate was closed at Rs138.75 to the dollar a day earlier.

Currency experts said that the lower demand for import and recent proposals of duty and tax for discouraging luxury imports helped the rupee to gain.

The experts said that Finance Supplementary (Second Amendment) Bill, 2019 proposed verification of foreign remittances through banking channels for clearance of imported vehicles also discouraged dollar buying.

The experts said that the importers were cautious in buying dollars till the passage of the bill from the parliament.

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