Rupee ends down 98 paisas against dollar

Rupee ends down 98 paisas against dollar

KARACHI: The Pak Rupee fell by 98 paisas against dollar on Wednesday owing to outflow of hot money from domestic debt market, currency dealers said.

The rupee ended at Rs158.43 to the dollar from previous day’s closing of Rs157.45 in interbank foreign exchange market.

The rupee fell for the third consecutive day and lost around Rs4.19 against the dollar.

The currency dealers said that the rupee was under pressure due to announcement of monetary policy scheduled for March 17, 2020.

Currency experts said that the market is expecting a massive policy rate cut in the upcoming monetary policy statement. They said that currently the investment in local debt market was due to higher policy rate of 13.25 percent.

The foreign currency market was initiated in the range of Rs157.40 and Rs157.70. The market recorded day high Rs158.75 and low of Rs157.30 and closed at Rs158.43.

The exchange rate in open market also witnessed sharp decline in rupee value. The buying and selling of dollar was recorded at Rs157.00/Rs158.00 from previous day’s closing of Rs156.00/Rs157.00 in cash ready market.

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