Rupee falls by five paisas on import demand

KARACHI: The Pak Rupee ended down by five paisas against dollar on Monday owing to higher demand for import and corporate payments, dealers said.

The rupee ended Rs154.95 to the dollar from last Friday’s closing of Rs154.90 in interbank foreign exchange market.

Currency dealers said that the market witnessed higher demand for dollar owing to first trading day of the week.

The dealers however said that the exchange rate might witness an adverse effect due to rising tension in Middle East after killing of Iranian leader in the US attack.

The foreign currency market was initiated in the range of Rs154.93 and Rs154.98. The market recorded day high of Rs154.98 and low of Rs154.93 and closed at Rs154.95.

The exchange rate in open market witnessed depreciation in rupee value. The buying and selling of dollar was recorded at Rs155.00/Rs155.30 as compared with last Friday’s closing of Rs154.80/Rs155.10 in cash ready market.

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