Rupee falls by two paisas on import payment demand

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

The rupee ended Rs154.43 to the dollar from last Friday’s closing of Rs154.41 in interbank foreign exchange market.

The dealers said that the rupee was depreciated due to higher demand from importers and corporate buyers. They said that the earlier in the day the local unit fell to Rs154.48 however inflows of export receipts and remittances helped to make recovery.

The foreign currency market was initiated in the range of Rs154.45 and Rs154.50. The market recorded day high of Rs154.48 and low of Rs154.43 and closed on the same level.

The exchange rate in open market witnessed no change in rupee value. The buying and selling of the dollar was recorded at Rs154.30/Rs154.60, the same closing level of last Friday, in cash ready market.

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