Rupee falls by 15 paisas on higher dollar demand

Rupee falls by 15 paisas on higher dollar demand

KARACHI: The Pak Rupee fell by 15 paisas against the dollar on Monday – the first trading day of 2021 – as the foreign exchange market opened after three days break.

The rupee ended Rs159.98 to the dollar from the closing of Rs159.83 of last trading day on December 31, 2020 in interbank foreign exchange market.

Currency dealers said that the rupee was under pressure because of high demand of the foreign currency for import and corporate payments.

The market was opened after three days due to bank holiday on January 01 and the two weekly holidays.

The dealers said that the market also witnessed supply of the dollar in the shape of export receipts and workers’ remittances, which supported the rupee from significant fall.

They said that the market was remained optimistic about improvement in rupee value in coming days due to improved inflows of export receipts.

Adviser to the Prime Minister on Commerce and Investment, Abdul Razaq Dawood commented on the exports in December 2020 which have increased by 18.3 percent to $ 2,357 million as compared to $ 1,993 million in December 2019.

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