Rupee falls by 17 paisas against dollar

KARACHI: The Pak Rupee fell by 17 paisas against dollar on Thursday owing to hope of escalation in economic activity and higher demand for imports.

The rupee ended Rs160.22 to the dollar from previous day’s closing of Rs160.05 in interbank foreign exchange market.

Currency experts said that positive sentiments were prevailed in the markets on reports of ease in lockdown.

They said that the announcement of allowing import of petroleum products also deteriorated the rupee value.

However, the trade deficit shrank by 25.68 percent to $19.49 billion during July – April 2019/2020 as compared with the deficit of $26.23 billion in the same period of the last fiscal year.

The exports in first ten months (July – April) 2019/2020 also fell by four percent to $18.41 billion as compared with $19.16 billion in the corresponding period of the last fiscal year.

On the other hand the import bill fell by 16.5 billion to $39.9 billion in the first ten months of current fiscal year as compared with $45.4 billion in the corresponding period of the last fiscal year.

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