Rupee recovers 7 paisas on weak demand

KARACHI: The Pak Rupee recovered seven paisas against dollar on Tuesday owing to weak demand for import and corporate payments.

The rupee ended Rs166.23 to the dollar from previous day’s closing of Rs166.30 in interbank foreign exchange market.

Currency experts said that the demand for import and corporate payments had weakened as compared with the day earlier.

The local currency fell by 47 paisas against dollar a day earlier owing to higher demand for import and corporate payments.

The currency experts said that the dollar demand may increase during the last day of the month for corporate payments as foreign companies repatriate their earnings and dividends by end of quarter closing.

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