Rupee falls 64 paisas against dollar

Web DeskWeb Editor

16th Jul, 2021. 06:45 pm
Pakistan’s forex reserves rise to $23.297 billion

KARACHI: The rupee fell 64 paisas against the dollar on Friday, owing to the high demand for import payments on the last day of the trading week.

The exchange rate ended at Rs154.94 against the greenback from the previous day’s closing of Rs159.30 in the interbank foreign exchange market.

The currency dealers said the market witnessed high demand for the dollar, as importers were purchasing the foreign currency for advance payments.

The international oil prices have witnessed a fall in the intraday trading on July 16, 2021. Since Pakistan is a net importer of international petroleum products, the movement in prices impacted the value of the local currency.

The currency dealers; however, said the rupee might recover in the coming days, owing to better inflows of workers remittances and export receipts.

Adsense 300 x 250