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Pak Rupee falls by 19 paisas against dollar in interbank market

Pak Rupee falls by 19 paisas against dollar in interbank market

KARACHI: The Pak Rupee fell by 19 paisas against dollar on Wednesday owing to higher demand for import and corporate payments.

The rupee ended at Rs160.78 to the dollar from previous day’s closing of Rs160.59 in interbank foreign exchange market.

The foreign currency market was initiated in the range of Rs160.50 and Rs160.75. The market recorded day high of Rs160.90 and low of Rs160.75 and ended at Rs160.78 in interbank foreign exchange market.

Currency experts said that the rupee was under pressure due to higher corporate demands as multinational companies were set to announce their financial results and repatriate their profit in dollar term.

The exchange rate in open market also witnessed depreciation in rupee value. The buying and selling of dollar was recorded at Rs159.90/Rs160.90 from previous day’s closing of Rs159.60/Rs160.60 in cash ready market.