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Pak Rupee gains 17 paisas against US dollar due to decline in import bill

Pak Rupee gains 17 paisas against US dollar due to decline in import bill

KARACHI: The Pak Rupee gained 17 paisas against dollar on Friday on reports of significant decline in import bill for the month of March 2020, dealers said.

The rupee ended Rs166.76 to the dollar from previous day’s closing of Rs166.93 in interbank foreign exchange market.

The dealers said that importers were seen cautious to place orders for dollars after considering the latest numbers of imports for the month of March 2020.

The import bill of the country has declined by 21 percent in March 2020 over the previous month owing to lockdown to contain coronavirus pandemic.

The import bill was at $3.3 billion in March 2020 as compared with $4.185 billion in February 2020, according to data released by Pakistan Bureau of Statistics (PBS) on Friday.

Similarly, the pandemic also adversely affected the country’s exports. The exports fell by 15.56 percent to $1.8 billion in March 2020 as compared with $2.14 billion in February 2020.

The total import bill during July – March 2019/2020 fell by 14.42 percent to $38.81 billion as compared with $40.68 billion in the corresponding period of the last fiscal year.

However, the exports registered increase of 2.23 percent during first nine months of current fiscal year to $17.45 billion as compared with $17 billion in the corresponding months of the last fiscal year.

The trade deficit during first nine months contracted by 26.45 percent to $17.36 billion as compared with the deficit of $23.61 billion in the corresponding period of the last fiscal year.