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Pak Rupee falls by 12 paisas on import payment demand

Pak Rupee falls by 12 paisas on import payment demand

KARACHI: The Pak Rupee fell by 12 paisas against dollar on Tuesday owing to higher demand of the foreign currency for import payment, dealers said.

The rupee ended at Rs166.95 to the dollar from previous day’s closing of Rs166.83 in interbank foreign exchange market.

The currency dealers said that the rupee was remained under pressure due to higher demand of the foreign currency for commodity payment, mainly related to holy month of Ramazan.

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.