Rupee falls by 54 paisas against dollar on import, corporate demand

KARACHI: The Pak Rupee fell by 54 paisas against the US dollar on Monday amid higher demand for import and corporate payments, dealers said.
The rupee ended Rs138.94 to the dollar from last Friday’s close of Rs138.40 in interbank foreign exchange market.
The interbank foreign exchange market was initiated in the range of Rs138.90 and Rs138.95.
The market recorded day high of Rs138.95 and low of Rs138.94 and closed at Rs138.94.
The rupee also depreciated in the open market against dollar.
The buying and selling of dollar was recorded at Rs138.50/Rs139.20 from last Saturday’s closing of Rs138.20/Rs138.70 in cash free market.
Market sources said that the rupee depreciated against the foreign currency due to recent discussions of Pakistan with the IMF fore new loan program.
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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