Rupee falls 23 paisas in mid-day trade on border tension

Rupee falls 23 paisas in mid-day trade on border tension

KARACHI: The Pak Rupee declined further against the US dollar in mid-day trade on Wednesday owing to growing border tension.

The dollar is being traded at Rs 139.11 in interbank foreign exchange market. The rupee went down by 23 paisas so far when compared with Rs 138.88 to the dollar in foreign currency market

Indian military planes violated the Line of Control (LoC), intruding from the Muzaffarabad sector, Director-General Inter-Services Public Relations Major-General Asif Ghafoor said on his official Twitter account early on Tuesday.

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.