Rupee falls by 75 paisas against dollar on import demand

KARACHI: The Pak Rupee fell 75 paisas against US dollar on Friday owing to higher demand for import and corporate payments.

The rupee ended Rs140.24 to the dollar from previous day’s closing of Rs139.49 in interbank foreign exchange market.

The interbank foreign exchange market was initiated in the range of Rs139.75 and Rs140.00.

The market recorded day high of Rs140.25 and low of Rs140.00 and closed at Rs140.24.

Currency experts said that due to upcoming weekly holidays including holiday on account of Pakistan Day increased the demand for the greenback.

They also said that the latest development related on new IMF loan also put pressure on local unit demand.

In the open market the rupee fell even more significantly against the greenback.

The buying and selling of dollar was recorded at Rs140.80/141.30 as compared with previous day’s closing of Rs139.70/140.20 in cash ready market.

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