Rupee weakens by 22 paisas in interbank

Rupee weakens by 22 paisas in interbank

KARACHI: The Pak Rupee (PKR) ended down by 22 paisas against the dollar on Tuesday as demand for external payment remained high.

The rupee ended at Rs163.89 to the dollar from previous day’s closing of Rs163.67 in the interbank foreign exchange market.

Currency experts said that the external payment had put pressure on the local currency.

However, they said that the pressure would ease in coming days as recent pledge of the International Monetary Fund (IMF) for providing $650 billion to boost global liquidity.

The experts said that Pakistan would also get around $2.8 billion under this allocation by month end.

The local currency fell to Rs164 in intraday trading in the interbank foreign exchange market. However, it made some recovery later in the day.

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