KARACHI: The Pak Rupee ended down by 15 paisas against the dollar on Tuesday owing to higher demand for import and corporate payments.
The rupee ended Rs160.47 to the dollar from previous day’s closing of Rs160.32 in the interbank foreign exchange market.
Currency dealers said that the demand for import and corporate payments were higher during the day. They said rising demand of the foreign currency from corporate side normally seen on the higher side in the month of December due to closing of the quarter.
They said that the market also witnessed supply of the dollar in the shape of export receipts and workers remittances. However, such inflows were not sufficient to support the rupee.
The dealers said that rising international oil prices and higher import requirements continued to keep pressure on the local currency. They added that the market sentiment remained cautious amid concerns over the country’s foreign exchange reserves and widening current account deficit. Analysts said that timely inflows from friendly countries and multilateral lenders could help stabilize the rupee in coming weeks.
They further said that the State Bank of Pakistan was closely monitoring the currency market and taking measures to avoid excessive volatility. Exporters were also expecting improvement in foreign inflows after increase in global demand for Pakistani textile and other value-added products during the ongoing financial year.
