Rupee falls 34 paisas against dollar

KARACHI: The rupee fell 34 paisas against the dollar on Monday, owing to the month-end demand for the greenback for import payments.

The exchange rate ended at Rs165.96 against the dollars from last Friday’s closing of Rs165.62 in the interbank foreign exchange market.

The currency dealers said the rupee was under pressure during the day because of the two weekly holidays.

They said the month-end payments for oil and other commodities have also increased the demand for the foreign currency.

The dealers said the State Bank of Pakistan (SBP) has issued borrowing numbers, which also adversely impacted the rupee value.

The total debt of the federal government increased 10.23 per cent in the fiscal year 2020/21. The government borrowing from domestic and external sources increased to Rs38.7 trillion by June 30, 2021, compared with Rs35.10 trillion a year ago.