Rupee depreciates against dollar in early trade

KARACHI: The Pak Rupee depreciated in the early trade on Tuesday owing to higher import and corporate payment demand.

The dollar is being traded at Rs138.91 in interbank foreign exchange market. The exchange rate was ended Monday at Rs138.72 to the dollar in foreign currency market.

The rupee made significant gain yesterday in early trading by 51 paisas but failed to sustain the levels and managed to settle with a gain of 11 paisas.

The local currency gained yesterday on the signing of $20 billion agreements between Pakistan and Saudi Arabia.

Currency experts said that the rupee was under pressure due to scheduled foreign payments by the country.

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