Dollar rises to Rs166.35 on higher import, corporate payments

Dollar rises to Rs166.35 on higher import, corporate payments

KARACHI: The Pak Rupee depreciated by further 64 paisas to the dollar on Wednesday owing to higher demand of the foreign currency for import and corporate payments.

The rupee ended at Rs166.35 to the dollar from previous day’s closing of Rs165.71 in interbank foreign exchange market.

Currency dealers said that the market witnessed demand for the foreign currency from importers and corporate buyers.

They said that the market was also under pressure due to fall in foreign exchange reserves due repayment of external loans.

The currency experts said that due to close of financial year many foreign companies were remitting their profits.

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