KARACHI: The Pak Rupee further appreciated by 38 paisas against dollar on Thursday owing to improved external account.
The rupee ended Rs159.98 to the dollar from previous day’s closing of Rs161.36 in interbank foreign exchange market.
Currency dealers 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.
