KARACHI: The Pak Rupee plummeted by 83 paisas Rs165.71 to the dollar on Wednesday owing to higher demand of the foreign currency for import and corporate payments.
The rupee ended at Rs165.71 to the dollar against Rs164.88 in interbank foreign exchange market.
Currency dealers said that the market witnessed demand for the foreign currency from importers and corporate buyers.
They said that the market was also under pressure due to fall in foreign exchange reserves due repayment of external loans.
Pakistan’s foreign exchange reserves have declined by $215 million to $16.705 billion by week ended June 05, 2020.
The foreign exchange reserves of the country were at $16.92 billion by week ended May 29, 2020.
The foreign exchange reserves held by the SBP fell by $266 million to $10.096 billion by week ended June 05, 2020 as compared with $10.362 billion a week ago.
The central bank attributed the decline to the government external debt repayments of $301 million during the week.