Rupee ends down by 13 paisas on import demand

KARACHI: The Pak Rupee ended down by 13 paisas against dollar on Wednesday owing to higher demand from importers and corporate buyers.

The rupee closed at Rs166.83 to the dollar form previous day’s closing of Rs166.70 in interbank foreign exchange market.

The currency experts said that the rupee was remained under pressure due to higher demand from importers and corporate buyers.

They said that imports related to Ramazan was remained high. They further said that the foreign investors also seen taking out funds from domestic debt market.

They said that as the central bank reduced the policy rate by 2.25 percent to bring at 11 percent discouraged the foreign investors of domestic debt market.

A huge fund has been taken out by foreign investors through sale of treasury bills after the reduction in policy rate and also deterioration of international economic conditions after rising pace of coronavirus spread.

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