Rupee weakens on scheduled bank holiday

KARACHI: The Pak Rupee fell by three paisas against dollar on Friday due to high demand for advance import payments and expected closure of banks on next Monday for deduction of Zakat.

The rupee ended Rs141.32 to the dollar as compared with Rs141.29 in interbank foreign exchange market.

The interbank foreign exchange market initiated was initiated in the range of Rs141.36 and Rs141.39.

The market recorded day high of Rs141.37 and low of Rs141.32 and closed at Rs141.32.

Currency experts said that the demand was remained high during the day due to expected bank holiday on May 06 if Ramazan starts subject to sight of moon.

The exchange rate however ended with gain in rupee value in open market.

The buying and selling of dollar was recorded at Rs141.50/Rs142.00 from previous day’s closing of Rs141.70/Rs142.20 in cash ready market.

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