Rupee ends down by 87 paisas against dollar

Rupee ends down by 87 paisas against dollar

KARACHI: The Pak Rupee fell by 87 paisas against dollar on Tuesday amid recovery in stock markets.

The rupee closed at Rs157.45 to the dollar from previous day’s close of Rs156.58 in interbank foreign exchange market.

The local unit witnessed Rs3.20 decline during past two days against the dollar.

Currency dealers said that the currency market was volatile during the day due to massive decline of stock markets in the UK and the US. They said that the market was anticipating outflows of foreign investment from the domestic debt market.

The foreign currency market was initiated in range between of Rs157.25 and Rs157.75. The market recorded day high of Rs158.00 and low of Rs156.50 and closed at Rs157.45.

The exchange rate in open market, however, maintained the levels. The buying and selling of dollar was recorded Rs156.70/Rs157.00, the same previous day’s closing in cash ready market.