KARACHI: The Pak Rupee (PKR) fell by 50 paisas against the dollar on Monday owing to higher demand for import payments during the day.
The rupee ended Rs170.51 to the dollar from last Friday’s closing of Rs170.01 in the interbank foreign exchange market. Earlier, in the day the rupee had recovered some value but later the demand deteriorated the rupee value.
Currency experts said that the market witnessed higher dollar demand due to the first day of the week.
The local currency recorded the all-time low of Rs175.27 against the dollar on October 26, 2021. However, following the announcement of the Saudi government to support a financial assistance package to Pakistan the rupee had made a sharp gain.
The experts said that the large imports are major concerns for rupee stability in the coming days. The import bill registered a growth of 65.15 per cent to $25.06 billion during July – October 2021 as compared with $15.17 billion in the same period of the last fiscal year.
