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Pak Rupee falls by 56 paisas against USD on rising import demand

Pak Rupee falls by 56 paisas against USD on rising import demand

KARACHI: The Pak Rupee fell by 56 paisas against the dollar on Tuesday owing to demand for import and corporate payments, dealers said.

The rupee ended Rs166.43 to the dollar from the previous day’s closing of Rs165.87 in the interbank foreign exchange market.

The currency dealers said that the demand for import and corporate payments depreciated the local unit.

They said that the government announcement of opening the school after five and half months due to the coronavirus pandemic had sent a positive signal to the trade and industry. They said that importers were seen active after this announcement.

Currency experts said that the inflows of the foreign currency and improved foreign exchange reserves of the country may help the local currency to gain value in coming days.