Rupee weakens by 70 paisas ahead of weeklong Eid Holidays

KARACHI: The Pak Rupee weakened by 70 paisas against dollar on Monday owing to higher demand for import and corporate payments due to upcoming Eid holidays.

The rupee ended Rs148.60 to the dollar from last Friday’s closing of Rs147.90 in interbank foreign exchange market.

The interbank foreign exchange market was initiated in the range of Rs148.00 and Rs148.50.

The market recorded a high of Rs148.90 and low of Rs148.00 and closed at Rs148.60.

Currency experts said that the demand was increased due to upcoming weeklong holidays.

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

The buying and selling of dollar was recorded at Rs148.00/Rs149.00 as compared with previous closing of Rs147.50/Rs148.50 in cash ready market.

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