Rupee falls by 17 paisas on import, corporate demand

Rupee falls by 17 paisas on import, corporate demand

KARACHI: The Pak Rupee depreciated by 17 paisas against dollar on Thursday owing to higher demand for import and corporate payments, dealers said.

The rupee ended Rs155.07 to the dollar from December 24, 2019 closing of Rs154.90 in interbank foreign exchange market.

The dealers said that the rupee was remained under pressure during the day due to higher demand for the greenback. They said that due to holiday on account of Qaid-e-Azam Day and Christmas the market witnessed higher demand for dollar on Thursday.

The foreign currency market was initiated in the range of Rs154.85 and Rs154.90. The market recorded day high of Rs155.08 and low of Rs154.87 and closed at Rs155.07.

The exchange rate in open market also witnessed depreciation in rupee value. The buying and selling of the dollar was recorded at Rs154.70/Rs155.10 from December 24, 2019 closing of Rs154.60/Rs154.90 in cash ready market.

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