Rupee falls by 33 paisas on import payments, uncertainty

Rupee falls by 33 paisas on import payments, uncertainty

KARACHI: The Pak Rupee fell by 33 paisas against dollar on Tuesday amid higher demand for import payments and uncertainty prevailed in the equity market.

The rupee ended Rs159.00 to the dollar from last Friday’s closing of Rs158.67 in interbank foreign exchange market.

Currency experts said that the local unit was remained under pressure as the market was opened after three days due to two weekly holidays and another on account of Pakistan Day on March 23, 2020.

The demand for import payment was higher due to foreign purchases related to holy month of Ramazan.

The experts said that currency market was also in panic due to uncertainty was seen in the equity market.

The decision of Sindh government to lockdown the province after fast spread of coronavirus has jolted the financial markets.

The industry was expecting from the government for a bailout package as they huge economic and financial losses due to the lockdown.

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