Rupee weakens by 52 paisas on import and corporate payment demand

Rupee weakens by 52 paisas on import and corporate payment demand

KARACHI: The Pak Rupee weakened by 52 paisas against the dollar on Friday owing to higher demand for import and corporate payments.

The rupee ended Rs155.97 to the dollar from previous day’s closing of Rs155.45 in the interbank foreign exchange market.

Currency dealers said that foreign exchange market was under pressure due to higher demand of the foreign currency. They said that upcoming two weekly holidays and public holiday announced by the government on March 23, 2021 on occasion of Pakistan Day also put pressure on demand side.

The latest depreciation of the local unit also stopped the four days consecutive gaining spree of the rupee.

However, they said that the improved inflows would help the local unit to further make gain.

They said that the third wave of coronavirus has also discouraged the importers to place new purchase orders.

Leave a Reply

You have to agree to the comment policy.