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Pak rupee depreciates by 52 paisas against US dollar

Pak rupee depreciates by 52 paisas against US dollar

KARACHI: The Pak Rupee ended down by 52 paisas against dollar on Monday owing to higher import and corporate payment demand, dealers said.

The rupee ended at Rs168.19 to the dollar from last Friday’s closing of Rs167.67 in interbank foreign exchange market.

The currency dealers said that the rupee was remained under pressure due to demand from importers and corporate buyers. They said that due to ending of the fiscal year most of multinational and foreign companies send profits to their parent companies.

They further said that the ease in lockdown the business activities had started to get momentum and escalated the demand for imported goods.

The currency dealers further said that the repayment of foreign debts had also weakened the rupee value.

It is pertinent to mention that the SBP received around $1.7 billion last week from international financial institutions. However, the inflows also failed to give support to the local currency.