Rupee falls by 50 paisas after four straight-day gain

Rupee falls by 50 paisas after four straight-day gain

KARACHI: The Pak Rupee recorded 50 paisas decline against dollar on Friday after maintaining appreciation for four straight days.

The rupee ended Rs160.48 to the dollar from previous day’s closing of Rs159.98 in interbank foreign exchange market.

The rupee eased against dollar this week for the first time. The rupee started the week with gain to Rs163.49 on April 20, 2020 from Rs163.58 on Friday April 17, 2020.

Currency experts said that the rupee fell due to advance buying on the back of weekly holidays and closure of banks’ public dealing on April 27 due to deduction of Zakat.

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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