Rupee falls by three paisas against dollar on corporate demand

Rupee falls by three paisas against dollar on corporate demand

KARACHI: The Pak Rupee fell by three paisas against dollar on Wednesday owing to demand from import and corporate buyers.

The rupee ended Rs154.26 to the dollar from previous day’s closing of Rs154.23 in interbank foreign exchange market.

The currency dealers said that dollar demand was higher because corporate buyers were active during the day. They said that many foreign corporate entities repatriate their incomes in shape of profit and dividends during results season.

They said that importers were also seen active to purchase dollars for import payment for placing orders for commodities ahead of the holy month of Ramaza.

The exchange rate in open market witnessed no change in rupee value. The buying and selling of dollar was recorded at Rs154.10/Rs154.40, the same previous day’s closing, in cash ready market.

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