Rupee depreciates Rs2.51 on higher import, corporate payments

KARACHI: The Pak Rupee ended down by Rs2.51 against dollar on Monday due to high demand for import and corporate payments as the currency market opened after a week.

The rupee ended at Rs150.11 to the dollar from June 03, 2019 trading of Rs148.60 in interbank foreign exchange market.

The interbank foreign exchange market was initiated in the range of Rs149.00 and Rs149.50.

The market recorded day high of Rs151.25 and low of Rs149.50 and closed at Rs150.11.

Currency experts said that the market was remained closed during June 04 to June 09 due to Eid and weekly holidays. The weeklong holidays jacked up the demand for import payments and corporate payments.

The exchange rate also witnessed depreciation in rupee value in open market.

The buying and selling of the dollar was recorded at Rs149.50/Rs150.50 as compared with June 03 closing of Rs147.80/Rs148.80.

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