KARACHI: The rupee depreciated 45 paisas against the US dollar on Monday due to higher demand for import and corporate payments on the first day of the week, dealers said.

The exchange rate ended at Rs156.19 against the dollar from the last Friday’s closing of Rs155.74 in the interbank foreign exchange market.

The dealers said the local currency was under pressure, as the demand for the greenback on the first day of the week usually remained higher.

The demand for the foreign currency was also high because the importers had placed orders to their foreign sellers after the announcement of the Federal Budget 2021/22.

The dealers; however, expressed the hope that the rupee would make gains in the coming days, owing to the significant inflows of workers’ remittances and export receipts.

They also said the local unit would get support from the increase in the foreign exchange reserves of the country.

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