Rupee weakens by 34 paisas against dollar

Rupee weakens by 34 paisas against dollar

KARACHI: The Pak Rupee fell by 34 paisas against the dollar on Wednesday owing to higher demand for import and corporate payments.

The rupee ended Rs158.53 to the dollar from the previous day’s closing of Rs158.19 in the interbank foreign exchange market.

Currency experts said that the rupee remained depressed owing to higher demand of the foreign currency for import and corporate payments.

They said that due to financial close by June 30, 2021 most of the foreign companies were arranging the dollar for repatriation of profit and dividend to their parent companies in various destinations of the world.

The banking sources said that the rupee is likely to be under pressure by the end of this month.

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