Rupee strengthens by 13 paisas on dollar supply

Rupee strengthens by 13 paisas on dollar supply

KARACHI: The Pak Rupee gained 13 paisas against the dollar on Wednesday on sufficient supply of the greenback to meet import and corporate demands, dealers said.

The rupee ended Rs160.55 to the dollar from the previous day’s close of Rs160.68 in the interbank foreign exchange market.

The dealers said that the rupee was appreciated after sufficient supply of the dollar in the market and it offset the demand for import and corporate payments.

They said that the market had positively responded to current account surplus.

The current account posted $1.64 billion surplus for the first five months of the current fiscal year as compared with a current account deficit of $1.74 billion in the corresponding period of the last fiscal year.

The dealer said that the new type of coronavirus detected in the UK also spread fears across the globe. The importers are also cautious in making new orders amid the discovery of new type of the COVID.

The currency experts hoped that the local unit would make gains in coming days despite year ending owing to improved economic indicators.