Rupee gains three paisas on improved sentiments

Rupee gains three paisas on improved sentiments

KARACHI: The Pak Rupee gained three paisas against dollar on Wednesday owing to improved sentiments on economic indicators, analysts said.

The rupee ended Rs165.60 to the dollar from previous day’s closing of Rs165.63 in interbank foreign exchange market, according to data released by State Bank of Pakistan.

The rupee appreciated by Rs2.83 against the dollar since August 26, 2020.

Currency experts said that the rupee had recovered against the greenback owing to improved economic indicators including surplus current account, narrowed trade deficit and improved foreign exchange reserves.

The experts said that the local unit would further gain in coming days owing to inflows of foreign remittances and export receipts.

However, they said that demand for import payments after normalization of coronavirus impact could increase dollar demand.

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