Rupee weakens by 16 paisas on import payments

KARACHI: The Pak Rupee weakened by 16 paisas against dollar on Wednesday owing to higher demand for import and corporate payments.

The rupee ended Rs156.97 to the dollar from previous day’s closing of Rs156.81 in interbank foreign exchange market.

The foreign currency market was initiated in the range of Rs156.85 and Rs156.95.

The marked recorded day high of Rs157.00 and low of Rs156.90 and closed at Rs156.97.

Currency experts said that due to oil payments the demand of greenback was high in the market.

The exchange rate was remained unchanged in open market.

The buying and selling of dollar was recorded at Rs155.50/Rs156.50, the same previous day’s level, in the cash ready market.

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