Rupee falls 62 paisas against dollar

KARACHI: The rupee fell 62 paisas against the US dollar on Monday, owing to the higher demand for foreign payments, dealers said.

The exchange rate ended at Rs157.51 against the dollar from last Friday’s closing of Rs156.89 in the interbank foreign exchange market.

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The currency dealers said the demand for the greenback remained high during the day due to the first day of the week. They said the demand was also high because multinational companies and foreign companies operating in Pakistan usually repatriate profits and dividends by the end of the quarter or the year to their parent companies abroad.

The dealers; however, said the reports of oil facilities to be resumed to Pakistan by Saudi Arabia would reduce the demand for the US dollar and help the local currency make gains in the coming days.

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