Rupee ends down by 10 paisas on import payment demand

KARACHI: The Pak Rupee ended down by 10 paisas against dollar on Monday owing to demand for import and corporate payments, dealers said.

The rupee ended Rs165.89 to the dollar from last Friday’s closing of Rs165.79 in the interbank foreign exchange market.

The currency dealers said that the rupee was under pressure during the day owing to dollar demand for import and corporate payments due to the last days for the quarter end.

However, they said that the approval of $300 million by the Asian Development Bank (ADB) had resulted in positive sentiments in the market. But it failed to help the local unit to offset losses.

They said that due to first day of week the demand for dollar usually on the higher side.

They said that the local currency is likely to rebound in coming days owing to positive economic indicators, especially the current account surplus during the first two months of the current fiscal year.

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