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Pak Rupee eases by four paisas against US dollar

Pak Rupee eases by four paisas against US dollar

KARACHI: The Pak Rupee fell by four paisas on Monday owing to demand for import payment as market opened after two weekly holidays.

The rupee ended at Rs166.83 to the dollar from last Friday’s of Rs166.79 in interbank foreign exchange market.

The rupee was under pressure during the day due to demand for import payment, especially related to commodities used during the holy month of Razaman.

Currency experts said that the rupee may make gain in coming days with expected disbursement by the IMF.

They said that the IMF disbursement would help the country to improve foreign exchange reserves.

The experts said that the rupee likely to gain further in future owing to lower import payment demand after decline in international oil prices.

The import bill of the country has declined by 21 percent in March 2020 over the previous month owing to lockdown to contain coronavirus pandemic.