KARACHI: The Pak Rupee gained 16 paisas against the dollar on Wednesday owing to lower imports and inflows of export receipts and workers remittances, dealers said.
The rupee ended Rs159.81 to the dollar from the previous day’s close of Rs159.97 in the interbank foreign exchange market.
The dealer said that the importers were cautious over the upsurge in coronavirus cases in the country as well as in the world. On the other hand, positive sentiments prevailed in the market over-improved export numbers in October 2020.
The rupee hit an all-time low of Rs168 on August 26, 2020. Since then the local unit recovered Rs8.62 against the greenback.
According to the 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.