Rupee eases by two paisas on import payment demand

Rupee eases by two paisas on import payment demand

KARACHI: The Pak Rupee ended down by two paisas against the dollar on Wednesday owing to escalating demand for the foreign currency for import and corporate payments.

The rupee ended Rs160.18 to the dollar from the previous day’s closing of Rs160.16 in the interbank foreign exchange market.

Currency dealers said that the market witnessed higher demand of the foreign currency for import and corporate payments ahead of long week-end holidays.

The government has announced a public holiday on February 05 (Friday) to mark Kashmir solidarity day. It will be along with two weekly holidays ahead making three holidays.

The dealers remained optimistic that the rupee would regain the values in coming days owing to lower growth in headline inflation and improved exports numbers.

The growth in headline inflation contracted by 5.7 percent on a year on year basis in January 2021 as compared to an increase of 8.0 percent in the previous month and 14.6 percent in January2020.

On a month-on-month basis, it decreased by 0.2 percent in January 2021 as compared to a decrease of 0.7 percent in the previous month and an increase of 2.0 percent in January 2020.

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