Rupee eases against dollar amid payment demand

Rupee eases against dollar amid payment demand

KARACHI: The Pak Rupee (PKR) ended down by one paisa against the dollar on Friday as the exchange rate remained under pressure due to high external payments.

The rupee ended at Rs168.19 to the dollar from the previous day’s closing of Rs168.18 in the interbank foreign exchange market.

Currency experts said that the market had observed dollar demand for import and corporate payments, especially two weekly holidays ahead.

The experts said that data released by the State Bank of Pakistan (SBP) showing widening of the current account deficit also kept the pressure on the local unit.

Pakistan’s current account deficit has widened to $2.29 billion during the first two months (July – August) of the current fiscal year. The current account had posted a surplus of $838 million in the same months of the last fiscal year.

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