Dollar reaches Rs154.77 as rupee sheds 23 paisa

19
Karachi

The Pakistani rupee was weakened by 23 paisas (-0.15 percent) more against the US dollar in the interbank for the second consecutive day on Wednesday.

According to the State Bank of Pakistan, the US dollar opened atRs154.54 and closed at Rs154.77.

Within the open market, the US dollar was traded at Rs154.80-155.30. The local currency has shed Rs0.34 against the greenback during the last three days.

However, the local unit has gained Rs13.29 against the greenback in the current fiscal year 2020-21 while appreciation has been Rs5.07 in 2021.

Currency experts said that the market was under pressure due to dollar demand for import and corporate payments.

They said that as the fiscal year is ending in the month of June, the corporate buyers were seen active for dollar buying.

Furthermore, the demand was also seen for oil import payment. They, however, said that the rupee would recover value in the coming days owing to sufficient inflows of export receipts and workers’ remittances. —TLTP