Dollar falls below Rs160 mark against Pakistani rupee

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KARACHI : The incumbent government’s efforts to put the country’s economy on the path of stability seems to be bearing fruit as the United States (US) dollar fell on Tuesday blew the Rs160-mark against the Pakistani rupee in the currency market for the first time during the last five months.

According to forex dealers, the greenback today depreciated by Rs0.13 to Rs159.98 against the local currency in the inter-bank market, reaching a five-month low.

The US dollar had finished at Rs160.11 against the Pakistani rupee the other day.

The Pakistan Tehreek-i-Insaf (PTI) government had put in place the market-based flexible exchange rate system after four years of a fixed value. As Pakistan transitioned to the market-determined exchange rate, the rupee saw itself plummeting to a historic low of Rs168 earlier this year.

In a tweet last month, Prime Minister Imran Khan had said: “We are headed in the right direction finally.”

He said the country’s current account balance posted a surplus of $73 million during September, bringing surplus for the first quarter of the current fiscal year to $792 million as compared to $1,492 million deficit recorded during last year’s corresponding year. The prime minister said exports also saw a 29 per cent increase besides remittances growing 9 per cent over the previous month.