Rupee weakens

The rupee posted losses on Friday due to surge in the foreign exchange demand from importers, dealers said. The rupee closed at 110.43/dollar as compared to 110.09 on Thursday. Dealers said the currency value fell, as importers bought dollars to style their bills.

“The rupee is expected to trade around 110, but the fresh IMF’s statement indicates there will be more currency slide in the near future,” a dealer said. The International Monetary Fund’s staff has concluded mission for the first post-programme monitoring in Pakistan.

The continued exchange rate flexibility will be important to facilitate external adjustments to support exports and economic growth,” according to the IMF. In the open market, the rupee traded flat at 109.80/110.30 against the dollar.