Rupee ends flat amid demand for import payment

Rupee ends flat amid demand for import payment

KARACHI: The Pak Rupee ended flat against dollar on Wednesday despite higher demand for import and corporate payments, dealers said.

The rupee ended Rs166.22 to the dollar from the previous day’s closing of Rs166.23 in the interbank foreign exchange market.

The currency dealers said that positive sentiments prevailed in the market owing to reports of current account surplus during the first two months of the current fiscal year.

They said that due to higher demand for imports and corporate payments during the last days of quarter end the rupee was under pressure.

However, the positive sentiments prevented the rupee from major decline.

According to statistics of Balance of Payment (BOP) released by the State Bank of Pakistan (SBP) on Wednesday revealed that the current account balance had registered a surplus of $805 million during July – August 2020 as against a deficit of $1.21 billion in the corresponding period of the last fiscal year