Rupee gains three paisas against dollar on shrinking current account deficit

KARACHI: The Pak Rupee gained three paisas on Thursday against dollar owing to shrinking current account deficit.

The rupee ended Rs154.23 to the dollar from previous day’s closing of Rs154.26 in interbank foreign exchange market.

Currency dealers said that market sentiments were high owing to narrowing current account deficit of the country.

Pakistan’s current account deficit narrowed by 72 percent during first seven months (July – January) of 2019/2020 owing to inflows of workers’ remittances and decline in import bill.

The current account deficit reduced to $2.65 billion during the first seven months of current fiscal year as compared with $9.48 billion in the corresponding months of the last fiscal year, according to Balance of Payment (BoP) data released by State Bank of Pakistan (SBP) a day earlier.

The exchange rate in open market witnessed no change in rupee value. The buying and selling of dollar was recorded at Rs154.10/Rs154.40, the same previous day’s closing, in cash ready market.

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