Rupee ends down by 10 paisas on import payment demand

KARACHI: The Pak Rupee ended down by 10 paisas against dollar on Thursday due to higher import payments and outflow of hot money.

The rupee ended at Rs166.93 to the dollar from previous day’s closing of Rs166.83 in interbank foreign exchange market.

Currency experts said that the rupee was remained under pressure due to higher import payment demand. They said that importers were purchasing the foreign currency for importing commodities related to month of Ramazan.

The experts pointed out that the outflow of funds invested in domestic debt market also put pressure on the local unit.

The secondary market witnessed outflow of $47.6 million on April 01, 2020 as foreign investors opted to sell treasury bills.

The currency experts said that the rupee may make recover in coming days due to lower international oil prices and reduced consumption of non-oil imported goods locally.

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