Rupee declines against USD on import payments


Staff Reporter

Pakistani Rupee fell 90 paisas against dollar on Tuesday owing to higher import and corporate demand.
The rupee ended Rs167.80 to the dollar from previous day’s closing of Rs166.90 in interbank foreign exchange market. President Forex Association of Pakistan (FAP) Malik Bostan Khan said that the rupee was under pressure due to high demand for corporate and import payments. He said that due to fiscal year closing the corporate sector repatriate their profits to their parent companies abroad. FAP president said that the scheduled repayment of foreign loans also put pressure on foreign exchange reserves.