KARACHI: The Pak Rupee depreciated by seven paisas against dollar in early trade on Monday owing to higher demand on the first day of the week and public holiday announced by the government tomorrow.
The dollar is being traded at Rs138.30 to the dollar in interbank foreign exchange market. The exchange rate was ended at Rs138.23 to the dollar on last Friday.
Dealers said that the interbank foreign exchange market initiated with the higher demand due to past two weekly holidays. The demand was also higher due to public holiday announced by the government on February 05 on account of Kashmir Solidarity Day.
The rupee maintained upward trajectory during the last week owing to foreign inflows of $2 billion from Saudi Arabia and UAE.
Currency experts said that the local currency would have gain in coming days owing to prospects of large investments by Saudi Arabia as its Crown Prince was scheduled to visit Pakistan on February 16, 2019