Rupee weakens by 15 paisas against dollar

Rupee weakens by 15 paisas against dollar

KARACHI: The Pak Rupee depreciated by 15 paisas against the dollar on Tuesday owing to higher demand for import payment.

The rupee ended at Rs159.51 to the dollar from the previous day’s closing of Rs159.36 in the interbank foreign exchange market.

Currency experts said that the rupee remained under pressure due to higher demand for import payment.

They said that the market had responded earlier in the day due to reports of record inflows of workers remittances.

The State Bank of Pakistan (SBP) earlier in the day announced the details of remittances. The remittances rose to a historic annual high of $29.4 billion in the fiscal year 2020/2021. The remittances registered a substantial 27 per cent growth in the fiscal year 2020/2021 over the preceding fiscal year.