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Pak Rupee ends down by 16 paisas against dollar in interbank

Pak Rupee ends down by 16 paisas against dollar in interbank

KARACHI: The Pak Rupee ended down by 16 paisas against dollar in interbank foreign exchange market on Friday owing to higher payments for import and corporate payments.

The rupee ended Rs160.19 to the dollar from previous day’s closing of Rs160.03 in interbank foreign exchange market.

The foreign currency market was initiated in the range of Rs160.00 and Rs160.10. The market recorded day high of Rs160.20 and low of Rs160.10 and closed at Rs160.03. Currency experts said that the local currency was under pressure due to weekly holidays next two days.

The exchange rate in open market also witnessed decline in value of the local unit. The buying and selling of dollar was recorded at Rs160.00/Rs160.50 from previous day’s closing of Rs159.80/Rs160.50 in cash ready market.