Rupee weakens by 33 paisas on import payment demand

Rupee weakens by 33 paisas on import payment demand

KARACHI: The Pak Rupee weakened by 33 paisas against the dollar on Wednesday owing to higher demand for import and corporate payments.

The rupee closed at Rs153.22 to the dollar from previous day’s closing of Rs152.89 in the interbank foreign exchange market.

The rupee recorded a decline of 95 paisas against the dollar since resumption of trading after Eid Holidays. The government had announced Eid Holidays from May 10, 2021 to May 15, 2021, which followed Sunday on May 16, 2021.

Currency experts said that due to extended Eid holidays the rupee was remained under pressure.

They also said that ease in restriction related to coronavirus also encouraged importers to place orders to their foreign buyers.

They, however, said that the record inflows of workers’ remittances and export receipts the local currency would make gain in coming days.

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