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Rupee falls on high dollar demand


KARACHI, Oct 2: Exchange rate came under pressure on Tuesday as the demand for US dollar shot up which raised the price of the greenback and was traded at Rs95 in both inter-bank and open market.

“Pressure is mounting on the rupee as demand for dollar is increasing and it forced the local currency to lose value,” said Atif Ahmed, a currency dealer in the open market.

He said despite high demand the rupee varied in a narrow band.

“Since 0.2 million intending Hajis are expected to leave the country this month, they are likely to buy dollars for spending which has heated the demand for the US currency,” said Malik Bostan, Chairman Exchange Companies Association of Pakistan.

However, he said the dollar demand was still not out of control, though it increased the dollar price.

“We surrender 80 per cent of dollars to the banks which means demand is still not very high,” said Malik.