Rupee weakens

The rupee weakened against the dollar on Friday, amid increased importer demand, dealers said. The rupee closed at 121.50 against the dollar in the interbank market as compared to 121.46 in the previous trade.

Currency dealers said the rupee remained range-bound and moved five paisas during the session.

“The forex market saw a little increase in dollar demand from importers,” a forex dealer said.

The local unit remained steady at 124.50 in the open market after the exchange companies decided to cap the dollar rate.

The Exchange Companies Association of Pakistan, in its meeting held on Thursday, decided the US dollar at 124.50 and showed commitment not to sell above than this rate. Dealers expect the decision of the exchange companies will bring stability in the open market.