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Rupee weakens by 29 paisas against US dollar

Rupee weakens by 29 paisas against US dollar

 

KARACHI: The Pak Rupee depreciated by further 29 paisas to the dollar on Friday owing to higher demand of the foreign currency for import and corporate payments.

The rupee ended at Rs166.64 to the dollar from previous day’s closing of Rs166.35 in interbank foreign exchange market.

Currency dealers said that the market witnessed demand for the foreign currency from importers and corporate buyers.

They said that the market was also under pressure due to repayment of external debt.

The currency experts said that due to close of financial year many foreign companies were remitting their profits.

The foreign exchange reserves of the country have increased by $70 million to $16.775 billion by week ended June 12, 2020.

The foreign exchange reserves were at $16.705 billion by week ended on June 05, 2020.

The foreign exchange reserves held by the central bank increased by $11 million to $10.107 billion by week ended June 12, 2020 as compared with $10.096 billion a week ago.