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Pak Rupee weakens by 31 paisas against USD

Pak Rupee weakens by 31 paisas against USD

KARACHI: The Pak Rupee weakened by 31 paisas against dollar on Friday owing to higher demand for import and corporate payment as fiscal year ending next week.

The rupee ended Rs167.67 to the dollar from previous day’s closing of Rs167.36 in interbank foreign exchange market.

Currency dealers said that the local unit was under pressure due to demand related to fiscal year end especially corporate payment. They said the rupee was also under pressure due to last trading day of the week and buyers were purchasing dollars in advance for future payments.

It is pertinent to mention that the SBP received around $1.7 billion this week from internaitonal financial insitutions. However, the inflows also failed to give support to the local currency.