Rupee weakens

The rupee closed weaker against the dollar on Monday, as the demand for dollars arose from importers to make payments, dealers said.

The rupee closed at 156.16 against the greenback, compared with the previous closing of 156.07 in the interbank market.

“There were some corporate payments, which put pressure on the rupee,” a currency dealer at a bank said. “The currency seems to continue a range-bound trading pattern in coming sessions due to the lack of triggers,” he added.

In the open market, the local currency held steady at 156.30 against the greenback due to routine demand for foreign exchange.

Investors didn’t react to Prime Minister Imran Khan’s visit to the US. The premier is set to meet US President Donald Trump ahead of the United Nations’ General Assembly session.

President Trump last week told reporters that progress had been made in defusing India-Pakistan tensions and his statement had strengthened these speculations.

Khan is due to address the UN General Assembly session on September 27 where he will highlight the Kashmir issue, discuss the poor human rights situation in Indian-occupied Kashmir.