KARACHI: The rupee continued to build losses, dropping 0.30 percent against the dollar on Tuesday, amid a surge in the dollar demand from importers.
The rupee closed at 155.78 against the dollar in the interbank market. It had settled at 155.31 on Monday.
Higher importers’ demand for the dollars, in the absence of healthy supplies, contributed to the decline in the rupee’s value during the session, traders said.
In the open market, the rupee also weakened further and closed at 155.80 to the dollar, compared with 155.50 in the previous session.
“Importers and the firms both bought dollars to make their payments. As you know fiscal year 2020/21 is about to end, the foreign companies repatriated their profits and dividends to their headquarters. These factors put pressure on the rupee,” a foreign exchange trader with a bank said.