Rupee weakens by 59 paisas against dollar

Rupee weakens by 59 paisas against dollar

KARACHI: The Pak Rupee weakened by 59 paisas against dollar for third consecutive day on Wednesday owing to higher demand for import and corporate payments.

The rupee ended Rs168.23 to the dollar from previous day’s closing of Rs167.64 in interbank foreign exchange market.

The rupee fell by around Rs1.25 against dollar during last three trading days.

Currency experts said that due to improved economic activities there was higher demand of the foreign currency for import payments, especially import of raw material.

In order to curb the prevention of coronavirus the government imposed lockdown across the country in March 2020 and it was gradually eased considering the lower number of reported cases.

From August 03 the official timing of government offices has been restored to normal working hours.

The experts said that the rupee likely to rebound in coming days due to improved inflows of export receipts and workers remittances.