Rupee makes gain for third consecutive day

KARACHI: The Pak Rupee strengthened by 36 paisas against dollar for third consecutive day on Friday owing to inflows of export receipts and remittances.

The rupee ended at Rs163.30 to the dollar from previous day’s closing of Rs163.66 in interbank foreign exchange market.

Currency experts said that the supply of dollar into the market was seen in shape of remittances and export receipts.

The local currency witnessed gain against dollar for third straight day. The rupee gained Rs1.59 against dollar in last three trading days.

Earlier, in the first two days of the current week the rupee depreciated by Rs1.79 against the dollar.

The dealers said that the rupee was remained under pressure during the day. However, inflows of dollars in shape of remittances and export receipts helped the rupee to recover against the greenback.

Currency experts said that the deterioration in rupee value was due to higher demand for import and corporate payments.

Further, they said that after ease in lockdown the demand was increasing and importers started purchasing dollars for future buying.

The currency experts said that fall in exports and remittances also put pressure on the local currency.

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