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.
Pakistan stocks remain lacklustre; Index down 163 points
KARACHI: The Pakistan stocks remained range-bound on Tuesday with the lacklustre participation,...
PDWP approves projects worth Rs25.85 billion
LAHORE: The Punjab Provincial Development Working Party (PDWP) has approved three development...
Finnish Fund to acquire stake in TPL Insurance
KARACHI: The board of directors of TPL Insurance Limited received a draft...
TCP floats tender for strategic urea import
KARACHI: The Trading Corporation of Pakistan (TCP) on Tuesday floated an international...
International Steels earns profit of Rs2.66 billion
KARACHI: The International Steels Limited (ISL) has announced a net profit of...