Rupee weakens by 20 paisas on higher import payment demand

KARACHI: The Pak Rupee ended down by 20 paisas against dollar on Friday due to high demand for import and corporate payments.

The rupee ended Rs156.95 to the dollar as compared with last day’s closing of Rs156.75 in nterbank foreign exchange market.

During the week the local currency maintained recovery trend against the greenback after hitting all time low of Rs164.05 on June 27. However, the higher demand on last trading day of the week the rupee weakened.

The foreign currency market was initiated in the range of Rs156.50/Rs157.00. The market recorded day high of Rs157.50 and low of Rs156.75 and closed at Rs156.95.

The exchange rate in the open market witnessed stability in the local currency.

The buying and selling of dollar was recorded at Rs156.00/Rs157.00 the same previous days closing in cash ready market.

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