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April 1, 2020

Rupee falls

Business

April 1, 2020

KARACHI: The rupee weakened further against the dollar on Tuesday, as some banks bought greenback, amid demand for the US currency from importers, dealers said.

In the interbank market, the rupee closed at 166.70/dollar, 56 paisas down from the previous closing of 166.14. “There was a demand for the dollars, while the supplies remained low,” a foreign exchange dealer said.

“Exporters are not coming to the market to sell dollars. Local investors are also moving money from bank deposits to hoarding greenback.” The coronavirus pandemic has hit remittance flows, creating a shortage of the dollars in the market, dealers said. The rupee is likely to face a nominal pressure in the coming sessions due to increased dollar demand from importers.