Rupee slips by 11 paisas on import, corporate payment demand

Rupee slips by 11 paisas on import, corporate payment demand

KARACHI: The Pak Rupee weakened by 11 paisas against the dollar on Monday owing to demand for import and corporate payments, dealers said.

The rupee ended Rs152.93 to the dollar from last Friday’s closing of Rs152.82 in the interbank foreign exchange market.

The currency dealers said that the rupee was under pressure because the market was opened after two weekly holidays.

However, they said that the market had sufficient supply of the greenback to meet the demand in coming days.

They said that the inflows of export receipts and workers’ remittances would support the local currency. Further, the market would remain positive due to high stock of foreign exchange reserves of the country.

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