Rupee falls for third day

KARACHI: The rupee continued to decline for a third consecutive session against the dollar in the interbank market on Thursday.

The rupee closed at 282.67 per dollar, down 0.07 per cent from the previous close of 282.47.In the open market, the rupee also declined, trading at 284.82 versus the dollar, compared with 284.64 on Wednesday.

Dealers said the local unit continued to depreciate, weighed down by fiscal-year-end dollar demand from importers.Dollar demand from importers usually increases in June due to import and other payments pressure, according to dealers.

Data from the State Bank of Pakistan showed on Wednesday that the country received $3.7 billion in remittances in May, reflecting a 16 per cent increase from the previous month and a 13.7 per cent rise compared with the same month last year. These inflows brought total remittances for the 11 months of the fiscal year 2025 to $34.9 billion, representing a 28.8 per cent rise from $27.1 billion during the same period last year. Remittances have been on the rise and peaked at a record-breaking $4.1 billion in March, the highest single-month inflow ever recorded.