KARACHI: The rupee ended down by 11 paisas against dollar on Monday owing to high demand for import and corporate payments.
The rupee closed at Rs139.39 to the dollar from last Friday’s close of Rs139.28 in interbank foreign exchange market. The interbank foreign exchange market was initiated in the range of Rs139.30 and Rs139.40. The market recorded a high of Rs139.40 and low of Rs139.30 and closed at Rs139.39.
Currency experts said that the demand pressure was due to market opened after two weekly holidays.
They said that the narrowed trade deficit and current account deficit would help the rupee to regain some values in coming days.
They further said that the inflows from friendly countries would also help the local unit to gain the values against the greenback.
The exchange rate in open market also witnessed depreciation in rupee value by 20 paisas.
The buying and selling of dollar was recorded at Rs139.20/Rs139.70 as compared with last Saturday’s closing of Rs139.00/Rs139.50 in cash ready market.