Rupee appreciates by 26 paisas against dollar

Rupee appreciates by 26 paisas against dollar

KARACHI: The Pak Rupee gained another 26 paisas against dollar on Tuesday owing to better economic indicators amid coronavirus pandemic.

The rupee ended Rs159.65 to the dollar from previous day’s closing of Rs159.91 in interbank foreign exchange market.

The local currency gained 56 paisas during past two days.

Currency experts said that the rupee appreciated due to inflows of IMF funds and decline in international oil prices.

They said that local currency would gain in coming trading days due to fall in international oil prices and improved external accounts.

They said that that improved foreign direct investment and shrinking current account deficit helped the local currency to make gain.

The inflow of Foreign Direct Investment (FDI) into Pakistan has witnessed sharp growth of 137 percent during first nine months (July – March) 2019-2020.

The FDI increased to $2.15 billion during first nine months of current fiscal year as compared with $905 million in the corresponding period of the last fiscal year.

Current account deficit (CAD) has contracted by 73 percent during first nine months (July – March) 2019/2020 due to significant decline in import bill.

The current account deficit fell to $2.77 billion during first nine months of current fiscal year as compared with $10.28 billion in the corresponding period of the last fiscal year.

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