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Pak Rupee weakens by 23 paisas against USD on demand for import payments

Pak Rupee weakens by 23 paisas against USD on demand for import payments

KARACHI: The Pak Rupee weakened by 23 paisas on Tuesday owing to demand for import and corporate payments.

The rupee ended at Rs166.95 to the dollar from previous day’s closing Rs166.72 in interbank foreign exchange market.

Currency experts said that due to enhanced economic activities after ease in lockdown the importers were seen active to purchase currency for foreign buying.

Further, they said that the demand for foreign currency was also seen from multinational and foreign companies to repatriate their profits after close of fiscal year ended June 30, 2020.

The rupee depreciated by around 74 paisas against dollar during first two days of this week.