Tuesday , March 2 2021
Breaking News
Home / Breaking News / Pak Rupee depreciates by 12 paisas against USD
Pak Rupee depreciates by 12 paisas against USD

Pak Rupee depreciates by 12 paisas against USD

KARACHI: The Pak Rupee ended down by 12 paisas against the dollar on Thursday owing to negative sentiments prevailed after higher than expected current account deficit in December 2020, dealers said.

The rupee ended Rs160.62 to the dollar from the previous day’s closing of Rs160.50 in the interbank foreign exchange market.

The dealers said that the market sentiments were negative on reports of current account deficit in the month of December 2020.

Analysts at Topline Securities said that Pakistan’s Current Account (C/A) clocked in a deficit of $662 million in Dec-2020 (vs. a surplus of 513 million in November 2020), worst since October 2019 and breaking a streak of five consecutive monthly C/A surplus.

Vis-à-vis last month, C/A recorded a variance of US$1,175 million, which was largely fueled by an increase of US$940 million in imports of goods. The exports of goods increased by $13 million and home remittances grew by $98 million.