Rupee weakens against dollar on import, corporate payments

KARACHI: The Pak Rupee weakened by Rs1.07 against dollar on Monday owing to demand for imports and corporate payments.

The rupee ended Rs159.87 to the dollar as compared with last Friday’s closing of Rs158.80 in interbank foreign exchange market.

The foreign currency market was initiated in the range of Rs159.00 and Rs159.40 to the dollar. The market recorded day high of Rs159.95 and low of Rs159.40 and closed at Rs159.87.

Currency analysts said that the payment pressure had further weakened the rupee value.

The exchange rate in open market also witnessed deterioration in rupee value. The buying and selling of dollar was recorded at Rs159.50/Rs160.50 as compared with previous closing of Rs158.70/Rs159.30 in cash ready market.

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