Rupee appreciates by three paisas against dollar

KARACHI: The Pak Rupee appreciated by three paisas against dollar on Friday owing to reduction in current account deficit.

The rupee ended Rs154.20 to the dollar from previous day’s closing of Rs154.23 in interbank foreign exchange market.

Currency dealers said that market sentiments were remained high owing to narrowing current account deficit of the country.

Pakistan’s current account deficit narrowed by 72 percent during first seven months (July – January) of 2019/2020 owing to inflows of workers’ remittances and decline in import bill.

The current account deficit reduced to $2.65 billion during the first seven months of current fiscal year as compared with $9.48 billion in the corresponding months of the last fiscal year, according to Balance of Payment (BoP) data released by State Bank of Pakistan (SBP) a day earlier.

The exchange rate in open market witnessed also witnessed appreciation in rupee value. The buying and selling of the dollar recorded at Rs154.00/Rs154.30 from previous day’s closing of Rs154.10/Rs154.40 in cash ready market.

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