Rupee falls 16 paisas against dollar

KARACHI: The rupee fell by 16 paisas against the dollar on Wednesday, owing to the demand for import and corporate payments, dealers said.

The exchange rate ended at Rs168.68 against the greenback from the previous day’s closing of Rs168.52 in the interbank foreign exchange market.

The dealers said the demand for external payment kept the market under pressure, adding that due to the quarter closing on September 30, 2021, the dollar demand was higher for import and corporate payments.

The dealers said by every quarter-end foreign entities operating in Pakistan repatriate profit and dividends to their parent companies abroad.

They also said that widening deficits of the current account and trade were also major concerns for the rupee stability.

The local currency was under pressure since the start of the current fiscal year. It hit an all-time low of Rs169.12 against the dollar on September 15, 2021.