KARACHI: The Pak Rupee depreciated by 12 paisas against the dollar on Tuesday as demand for the foreign currency remained high for import and corporate payments.
The rupee ended Rs160.59 to the dollar from the previous day’s closing of Rs160.47 in the interbank foreign exchange market.
Currency dealers said that positive sentiments prevailed on the expectation of normalcy after vaccination for prevention of COVID had been started in many countries.
They said that in Pakistan the government had decided not to close down businesses and commercial activities in the second wave of coronavirus. The importers in the hope of improved domestic manufacturing activities are placing orders to their foreign suppliers.
The currency experts said that the rupee may recover in coming days owing to improved inflows of export receipts and workers’ remittances.
