Rupee weakens by 41 paisas on import, corporate payment demand

Rupee weakens by 41 paisas on import, corporate payment demand

KARACHI: The Pak Rupee fell by 41 paisas against the dollar on Friday owing to higher demand for import and corporate payments ahead of weekly holidays.

The rupee ended Rs153.87 to the dollar from previous day’s closing of Rs 153.46 in the interbank foreign exchange market.

Currency dealers said that the market witnessed demand for the foreign currency due to two weekly holidays ahead. They said that corporate sector was seen engaged in buying the greenback to repatriate profit and dividends to their parents companies abroad.

They however said that the buffer stock of foreign exchange reserves, home remittances and export receipts would help the local currency to make gain in coming days.

Leave a Reply

You have to agree to the comment policy.