Business News

Pakistan Rupee

Rupee weakens by 25 paisas on import, corporate payments

KARACHI: The Pak Rupee weakened by 25 paisas against the dollar on Friday owing to demand for import and corporate payments.

The rupee ended Rs153.55 to the dollar from previous day’s closing of Rs155.30 in the interbank foreign exchange market.

Currency dealers said that higher demand of the foreign currency for import and corporate payments depreciated the rupee value.

They said that due to quarter ending corporate buyers were seen active in purchasing the foreign currency for repatriation of profit and dividend to their parent companies abroad.

Similarly, the higher import bill in March 2021 also put pressure on demand for the dollar.