Pakistan’s currency rupee showed a weaker place in the interbank market. Due to increased payments for imports, the rupee value ended weaker. Pakistan’s currency rupee showed a weaker place in the interbank market. Due to increased payments for imports, the rupee value ended weaker. Rupee closed at 168.37 against the dollar in the interbank market according to the currency dealers.
The previous closing rate was 168.28 whereas the open market claims the rupee stands steady at 168.80 against the dollar.
The currency dealer held the import payments as the reasons of weakening the rupee. The dealers said we expected the rupee would trade weaker on Monday and as a result to this the importers bought dollars to pay their bills and make settlements. This trading activity increased the dollar demand after the weekend.
The currency dealers are expecting the rupee to trade in the range of 168.20 and 168.50 in the coming days. Pakistan is still able to carry on with the stable ratings by Fitch Standard and Poor’s [S & P].