Rupee ends down by 38 paisas against dollar

Rupee ends down by 38 paisas against dollar

KARACHI: The Pak Rupee ended down by 38 paisas against the US dollar on Wednesday owing to growing border tension.

The rupee was ended at Rs139.26 to the dollar as compared with Rs138.88 in interbank foreign exchange market.

The interbank foreign exchange market was initiated in the range of Rs138.95 and Rs139.05.

The market recorded day high of Rs139.26 and low of Rs139.00 and closed at Rs139.26.

Director-General Inter-Services Public Relations Major-General Asif Ghafoor earlier in morning in a tweet said Indian military planes violated the Line of Control (LoC), intruding from the Muzaffarabad sector.

Following the mounting tension at borders the currency markets witnessed deterioration.

Last week the Pak Rupee made significant gain dollar owing to shrinking current account deficit and foreign inflows.

Last Friday the rupee maintained gains for the third consecutive day as exchange rate was reached to Rs138.92 to the dollar on February 19, 2019.

Pakistan’s current account deficit has narrowed by 16.8 percent to $8.424 billion owing to declining imports and improved foreign remittances.

According to statistics released by State Bank of Pakistan (SBP), the current account deficit narrowed to $8.424 billion during July – January 2018/2019 as compared with the deficit of $10.124 billion in the corresponding period of the last fiscal year.

In open market the exchange rate also changed significantly.

The buying and selling of dollar was recorded at Rs138.70/Rs139.20 from previous day’s closing of Rs138.00/Rs139.00 in cash ready market.