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Tuesday May 28, 2024

Rupee weakens against dollar

By Our Correspondent
June 03, 2023

KARACHI: The rupee ended weaker against the dollar in both currency markets on Friday amid an increase in dollar demand from importers, dealers said. In the interbank market, the local unit closed at 285.68 per dollar, compared with Thursday’s close of 285.38. The currency fell by 0.11 percent during the session. Similarly, the rupee lost ground in the open market after posting sharp gains in the previous session. The domestic currency was selling at 300 to the dollar, compared with 299 in the previous session.

Dealers said the rupee had come under pressure again in the interbank market due to an uptick in dollar demand from importers. Moreover, a persistent decline in the foreign reserves also hurt investor sentiment. Pakistan’s foreign exchange reserves held by the central bank decreased by $102 million to $4.090 billion in the week ending May 26.