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Pak Rupee gains eight paisas against US dollar

Pak Rupee gains eight paisas against US dollar

KARACHI: The Pak Rupee gained eight paisas against dollar on Tuesday owing to significant decline in import bill.

The rupee ended Rs154.29 to the dollar from previous day’s closing of Rs154.37 in interbank foreign exchange market.

Currency dealers said that the shrinking trade deficit and decline in imports helped the rupee to gain value.

The import bill of the country fell to $31 billion during July – February 2019/2020 as compared with $36.5 billion in the corresponding period of the last fiscal year, showing decline of around 15 percent.

The falling imports also helped the country to curtail trade deficit. The trade deficit shrank by 27 percent to $15.5 billion during first eight months of the current fiscal year as compared with $21.5 billion in the corresponding period of the last fiscal year.

The foreign currency market was initiated in the range of Rs154.32 and Rs154.38. The market recorded day high of Rs154.35 and low of Rs154.29 and closed at Rs154.29.

The exchange rate in open market witnessed no change in rupee value. The buying and selling of dollar was recorded at Rs154.00/Rs154.30, the same previous day’s closing, in cash ready market.