Rupee recovers Rs3.31 against dollar

ISLAMABAD- The Pakistani currency recovered Rs3.31 in a single day on Friday against dollar in the interbank after approval of $1.386 billion additional loan by the International Monetary Fund (IMF) for Pakistan and the G-20 group countries’ announcement for providing debt relief in response to COVID-19. However, according to Forex Association of Pakistan, the buying and selling rates of Dollar in open market were recorded at Rs165.5 and Rs167.5 respectively. The State Bank of Pakistan reported that that in interbank, the price of Euro depreciated by Rs 4.28 to close at 177.21 against the last day’s trading of Rs181.49. The Japanese yen declined by 4 paisas to close at Rs1.51 whereas a decrease of Rs4.51 was witnessed in the exchange rate of British Pound which was traded at Rs203.67 as compared to its last closing of Rs208.18. The exchange rates of Saudi Riyal and Arab Emirates Dirham depreciated by 87 paisas and 90 paisas each and closed at Rs43.52 and Rs44.53 respectively.

1.59pc surplus witnessed in Pak-Bangladesh trade

ISLAMABAD - Pakistan’s goods and services trade with Bangladesh witnessed surplus of 1.59 percent during first eight month of ongoing fiscal year as compared to the corresponding period of last year. The overall exports to Bangladesh were recorded at $512.089 million during July-February (2019-20) against exports of $510.413 million during July-February (2018-19), showing growth of 0.32 percent in first eight month of current fiscal year, according to State Bank of Pakistan (SBP).Overall Pakistan’s exports to other countries witnessed an increase of 2.64 percent in eight months, from $16.009 billion to $16.433 billion, the SBP data revealed.On the other hand, the imports from Bangladesh into the country during the period were recorded at $34.504 million against $40.344 million last year, showing decreased of 14.47 percent in first eight month of current fiscal year. The overall imports into the country decreased by 17.51 percent, from $35.945 billion to $29.651 billion, according to the data. The trade surplus during the period under review was recorded at $477.585 million against $470.69 million during same period of last year, showing 1.59 percent growth.