Rupee depreciates by 9 paisas on import payment demand

KARACHI: The Pak Rupee depreciated by nine paisas on Wednesday owing to demand for import and corporate payments.

The rupee ended Rs154.62 to the dollar from previous day’s closing of Rs154.53 in interbank foreign exchange market.

Currency dealers said that the market witnessed buying activities in foreign currency from importers and corporate buyers.

The foreign currency market initiated in the range of Rs154.52 and Rs154.55. The market recorded day high of Rs154.63 and low of Rs154.55 and closed at Rs154.62.

The exchange rate in open market however witnessed appreciation in rupee value. The buying and selling of the dollar was recorded at Rs154.50/Rs154.80 from previous day’s closing of Rs154.60/Rs154.90 in cash ready market.

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