Rupee sheds five paisas against US dollar

KARACHI: The Pak Rupee fell by five paisas against US dollar on Monday due to higher demand for import and corporate payments.
The rupee ended Rs138.28 to the US dollar from last Friday’s closing of Rs138.23 in interbank foreign exchange market.
Currency dealers said that due to last two weekly holidays the importers had purchased dollars in advance.
Further the holiday announced by the government on account of Kashmir Solidarity Day on February 05, 2019 also escalated the demand for the greenback.
The interbank foreign exchange market was initiated in the range of Rs138.35 and Rs138.40.
The market recorded day high of Rs138.45 and low of Rs138.22 and closed at Rs138.28.
In the open market the rupee, however, gained slightly against the US dollar.
The buying and selling of US dollar was recorded at Rs138.00/Rs138.40 from last Saturday’s closing of Rs138.00/Rs138.50 in cash free market.
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