Business News

Pakistan Rupee

Rupee falls by eight paisas on higher import payment demand

KARACHI: The Pak Rupee fell by eight paisas against the dollar on Tuesday owing to bank holiday a day ahead that may create pressure on import payment demand.

The rupee ended Rs152.83 to the dollar from previous day’s closing of Rs152.75 in the interbank foreign exchange market.

Currency experts said that the rupee witnessed a decline due to higher dollar demand for import and corporate payment as banks likely close on Wednesday due to Zakat deduction on the first day of Ramazan ul Mubarak.

The currency experts said that the rupee may continue to gain value in coming days owing to substantial increase in inflows of workers remittances and export receipts.