KARACHI: The Pak Rupee fell by 19 paisas against the dollar on Monday owing to higher demand for import and corporate payments.

The rupee ended Rs160.32 to the dollar from last Friday’s closing of Rs160.13 in the interbank foreign exchange market.

Currency experts said that the higher dollar demand was due to the market was opened after two days weekly holidays.

They hoped that they the local currency likely to gain in coming days due to strong economic fundamentals.

Market participants said that the movement in the exchange rate would largely depend on the demand and supply of foreign currencies in the coming sessions. Importers were expected to remain active in the market to meet their payment obligations, while corporate entities also required dollars to settle foreign transactions.

The local currency has faced pressure from time to time due to import-related payments and other external obligations. However, experts believe that improved foreign exchange reserves, stable economic indicators and continued inflows from overseas Pakistanis could help support the rupee.

They added that the market would closely monitor the dollar supply from exporters, remittances and other sources to assess the direction of the exchange rate. Any significant increase in dollar demand could keep the rupee under pressure, while improved inflows might provide relief to the local currency in the coming days.