Rupee depreciates by 62 paisas on rising dollar demand

Rupee depreciates by 62 paisas on rising dollar demand

KARACHI: The Pak Rupee plunged by 62 paisas against the dollar on Monday owing to rising demand of the foreign currency for import and corporate payments.

The rupee ended Rs160.71 to the dollar from last Friday’s closing of Rs160.09 in the interbank foreign exchange market.

Currency dealers said that market witnessed higher demand for import and corporate payments as the trading was opened after two days weekly holidays.

The dealers said that due to quarter closing by December 31 the demand from corporate side witnessed an increase. They said that foreign companies repatriate their profits to their parent companies at the time of quarter closing.

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