Rupee weakens

KARACHI: The rupee ended weaker on Monday on dollar demand from importers, amid low supply of the greenback in the currency market, dealers said.

The rupee closed 0.36 percent, or 60 paisas, lower at 166.14/dollar, compared with the previous closing of 165.54 in the interbank market. In the open market, the local currency lost one rupee to end at 166 against the greenback. Dealers said the increased dollar demand from importers and weak supplies continued to weigh on the domestic currency.

“There was dollar buying throughout the day. However, there were not much of selling [greenback] from exporters,” a forex dealer said. “Currency received in the form of remittances from Pakistanis working abroad remained low,” he added. The rupee is expected to trade in the range of 166 and 166.50 against the dollar in the coming days, dealers said.