KARACHI: The Pak Rupee (PKR) depreciated by eight paisas against the dollar on Monday due to higher demand for import and corporate payments.
The rupee ended Rs168.10 to the dollar from last Friday’s closing at Rs168.02 in the interbank foreign exchange market.
Currency experts said that the market witnessed dollar demand during the day for import and corporate payments.
They said that the ballooning trade deficit and subsequent widening of the current account deficit kept pressure on the exchange rate.
The experts said the country needs to encourage inflows of the foreign currency to support the local currency.