Rupee falls by 16 paisas to US dollar

Rupee falls by 16 paisas to US dollar

KARACHI: The Pakistan Rupee depreciated by 16 paisas against US dollar on Friday owing to high demand from import and corporate buyers.

The exchange rate ended at Rs138.40 to the dollar from previous day’s closing of Rs138.24 in interbank foreign exchange market.

The interbank foreign exchange market was initiated in the range of Rs138.25 and Rs138.35.

The market recorded day high of Rs138.40 and low of Rs138.30 and closed at Rs138.40.

The rupee also weakened against dollar in open market by 20 paisas.

The buying and selling of dollar was recorded at Rs138.00/Rs138.50 from previous day’s closing of Rs137.80/Rs138.30 in cash free market.

Pakistan has suffered challenging fiscal situation over the period of last one year.

According to the finance ministry revaluation losses due to appreciation of international currencies against US Dollar and depreciation of Pak Rupee against US Dollar increased the total public debt by around Rs 1.2 trillion.

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