Rupee depreciates by 56 paisas against dollar

KARACHI: The Pak Rupee fell by 56 paisas against dollar on Tuesday owing to uncertain economic conditions after coronavirus spread.

The rupee ended Rs166.70 to the dollar from previous day’s closing of Rs166.14 in interbank foreign exchange market.

Currency experts said that the uncertain economic conditions were prevailed after lockdown in most of the parts of the country to control coronavirus spread.

They said that despite lower import payment demand and massive decline in international oil prices the local unit had failed to recover against the greenback.

The experts however said that the deterioration in rupee value was mainly due to outflow of hot money that was invested in the secondary debt market.

The foreign currency market was initiated in the range of Rs166.00 and Rs166.71. The market recorded day high of Rs167.00 and low of Rs166.50 and closed at Rs166.70.

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