Rupee gains 16 paisas, breaks 4-day losing streak

Rupee gains 16 paisas, breaks 4-day losing streak

KARACHI: The Pak Rupee gained 16 paisas against dollar on Friday breaking the losing streak of four consecutive days.

The rupee ended Rs158.98 to the dollar from previous day’s closing of Rs159.14 in interbank foreign exchange market.

The rupee started decline against dollar on Monday this week and fall from Rs154.24 to the dollar. The local unit witnessed decline till Thursday.

Currency experts said that the local unit was strengthened after the inflows of export receipts and workers remittances.

They said that the outflows of funds by foreign investors were easing resulting stability of the local currency.

They said that in case the outflows of foreign investments in debt securities further decline the rupee would further recover in coming days.

The currency market was under pressure due tumbling stock exchange across the globe on coronavirus threat.

The financial crisis further deepens after the World Health Organization (WHO) declared the virus as pandemic.

The investors globally are not satisfied with the measures taken by the government for the prevention.

Today, the trading on Pakistan Stock Exchange (PSX) halted for third time in this week.

While a day earlier the US stocks witnessed worst day for the market and it was declared ‘black Thursday’.

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