Rupee falls by Rs1.60 against dollar in mid-day trading

KARACHI: The rupee fell by Rs1.60 to the dollar in mid-day trading on Monday due to higher demand for import and corporate payments in the interbank foreign exchange market as it was opened after week-long holidays.

The dollar is being traded at Rs150.20 in interbank foreign exchange market against the previous closing was Rs148.60 on June 03, 2019.

The currency market was remained closed during the last week due to Eid Holidays.

Currency experts said that further depreciation in rupee value was expected due to harsh tax measures to be announced in the budget 2019/2020.

The exchange rate in open market also witnessed depreciation in rupee value. The dollar is being traded at Rs151.50. The rupee lost Rs2.70 in midday trading at cash ready market.

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