Dollar slips to Rs158.91

Dollar slips to Rs158.91

KARACHI: The Pak Rupee gained 18 paisas against the dollar on Monday owing to improved economic indicators and lower demand for import payment, dealers said.

The rupee ended Rs158.91 to the dollar from last Friday’s closing of Rs159.09 in the interbank foreign exchange market.

The dealers said that although economic indicators were encouraging. However, on the other side importers were careful in buying goods from their foreign suppliers owing to second wave of COVID pandemic.

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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