Rupee weakens

The rupee weakened against the dollar on Friday due to increased dollar demand from importers, dealers said. The rupee lost 51 paisas to close at 124.04/dollar, compared with the previous closing of 123.53 in the interbank market. Dealers said the market remained volatile, amid fresh surge in the dollar demand. Importers bought dollars to settle their bills.

In the open market, the rupee also fell. It traded at 122.60 against the dollar, compared with Thursday’s level of 122.30. Data issued by the central bank showed that Pakistan’s foreign direct investment dropped to $128.1 million in July from $233.8 million in the same period of the last fiscal year.