Pakistan’s currency has dropped by 64 paise against the dollar, owing to the high demand for import payments on the last day of the trading week.
According to the currency dealers of the country, the rupee weakened 0.40 per cent against the dollar on Friday because of high demand for the US currency to pay for imports, The News International reported.
In the interbank market, the rupee was quoted closing at 159.94 to the dollar, compared with Thursday’s close of 159.30. It fell by 64 paisas during the session.
“Today, the outflows were higher than inflows. The mismatch between demand and supply of dollars added to pressure on the domestic currency,” said a currency dealer.
“There had been oil, commodities and machinery and equipment imports,” he added.
The rupee has lost 1.31 per cent against the dollar since the beginning of this fiscal year….