Dollar eases to Rs158.49 as rupee further strengthens

Dollar eases to Rs158.49 as rupee further strengthens

KARACHI: The Pak Rupee made 20 paisas gain against dollar on Wednesday owing to rising coronavirus cases and lockdown discourage lowered demand for import payments, dealers said.

The rupee ended Rs158.49 to the dollar from previous day’s closing of Rs158.69 in interbank foreign exchange market.

The dealers said that the rising number of coronavirus cases and as a result of imposition of lockdown across the world dampened the demand of the foreign currency for import payment.

The dealers said that positive sentiments, however, remained prevailed due to improved economic indicators including inflows of foreign remittances and export receipts.

The rupee hit an all-time low of Rs168 on August 26, 2020.

According to Pakistan Bureau of Statistics (PBS) the exports during the month of October 2020 increased by 3.07 percent to $2.08 billion as compared with $2.02 billion in the same month of the last year.

Imports for the month fell by 5.73 percent to $3.82 billion as compared with $4.05 billion in the same month of the last year.

The trade deficit reduced by 14.46 percent to $1.74 billion in October 2020 as compared with a trade deficit of $2.03 billion in the same month of the last year.

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