Rupee advances by 22 paisas; dollar slips to Rs158.69

Rupee advances by 22 paisas; dollar slips to Rs158.69

KARACHI: The Pak Rupee gained 22 paisas against dollar on Tuesday owing improved remittances and export receipts.

The rupee ended Rs158.69 to the dollar from previous day’s closing of Rs158.91 in interbank foreign exchange market.

The currency dealers said that importers were cautious in placing new orders due to the second wave of coronavirus across the glob.

They further said that the inflows of export receipts and workers’ remittances are helping the local unit to improve levels.

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.