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Pak Rupee falls by 38 paisas against US dollar

Pak Rupee falls by 38 paisas against US dollar

KARACHI: The Pak Rupee fell by 38 paisas against dollar on Tuesday owing to reports the government is going to hedge oil.

The rupee ended Rs160.46 to the dollar from previous day’s closing of Rs160.08 in interbank foreign exchange market.

Currency experts said that the rupee was witnessing deterioration in its values against dollar as the government was mulling to hedge oil to get benefit of lower prices in international market.

The experts said that the lower import bill however support the local currency to gain values.

The trade deficit shrank by 25.68 percent to $19.49 billion during July – April 2019/2020 as compared with the deficit of $26.23 billion in the same period of the last fiscal year.

The exports in first ten months (July – April) 2019/2020 also fell by four percent to $18.41 billion as compared with $19.16 billion in the corresponding period of the last fiscal year.