Rupee depreciates by 54 paisas against dollar

Rupee depreciates by 54 paisas against dollar

KARACHI: The Pak Rupee ended down by 54 paisas against the dollar on Friday owing to higher demand of the foreign currency for advance import payments.

The rupee ended Rs162.43 to the dollar from previous day’s closing of Rs161.89 in the interbank foreign exchange market.

Currency experts said that the market witnessed higher demand of the dollar for import payments ahead of weekly holidays.

The currency experts said that the rupee was depreciating due to higher import payments because of better economic growth.

However, they said that the lockdown would discourage the demand of dollar for import payments.

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