The Pak Rupee has weakened against the US dollar as the dollar demand has increased from importers. The rupee closed at 158.95 against the greenback. The value of the dollar increased by 0.32 percent or 51 paisas against the Pak Rupee.
In the open market, the rupee closed at Rs159.40 against the US dollar. As per the dealers, the currency went down as the inflows were not enough to meet the demand of importers.
Also read: Rupee Recovers 50-Paisa Against Dollar
A forex dealer said, “The absence of remittance inflows after Eid weighed on the rupee. Importers bought the greenback, as the foreign exchange market reopened after the long Eid holidays.”
Due to public holidays, the financial markets were closed from 12th August to 15th August due to Eid-ul-Azha and Independence Day. It is expected that the rupee will further depreciate in the near future due to the high demand for foreign exchange from the corporate sector and importers.
Due to the tensions between Pakistan and India, the local unit has not been impacted. It is expected that the rupee will be traded between Rs159.20 to Rs159.25 in the coming sessions.