KARACHI: The Pak Rupee extended losses for second day against dollar and fell by 72 paisas on external payments, dealers said on Tuesday.
The rupee ended Rs164.34 to the dollar from previous day’s closing of Rs163.62 in interbank foreign exchange market.
The rupee lost value of around Rs1.04 against dollar during past two trading days.
Currency dealers said that the forex market witnessed pressure for import and corporate payments.
The dealers further said that the significant decline in foreign exchange reserves of the country also put pressure on demand side.
The liquid foreign exchange reserves of the country fell by $1.68 billion to $16.92 billion by week ended May 29, 2020. The total foreign exchange reserves of the country were $18.599 billion a week ago.
The foreign exchange held by the central bank fell by $1.712 billion to $10.362 billion by week ended May 29, 2020 as compared with official reserves of $12.074 billion.
This decline is primarily attributed to the government external debt repayments of $1.669 billion.
The dealers further said that ease in lockdown boosted the economic activities, which also enhanced the demand for imported goods.