KARACHI: The Pak Rupee fell by 34 paisas against dollar on Monday due to higher demand for import and corporate payments.
The rupee closed at Rs160.53 to the dollar from last Friday’s closing of Rs160.19 in interbank foreign exchange market.
The foreign currency market was initiated in the range of Rs160.30 and Rs160.60 to the dollar. The market recorded day high of Rs160.65 and low of Rs160.40 and ended at Rs160.53 in interbank foreign currency market.
Currency experts said that the local unit was under pressure in the opening after two days weekly holidays. The currency experts said that the unclear situation regarding exchange rate policy revised through Foreign Exchange Manual also impacted the demand and supply situation.
The exchange rate in the open market also witnessed decline in rupee value. The buying and selling of dollar was recorded at Rs160.20/Rs160.70 from previous closing of Rs160.00/Rs160.50.