Rupee ends down

KARACHI: The rupee weakened for the fourth consecutive session on Tuesday, following continued demands from banks and importers, dealers said.

The rupee closed at 166.92 per dollar, compared with the previous close of 166.83 in the interbank foreign exchange market.

In the open market, the rupee fell by Re1.50 to 168 against the dollar. It had ended at 166 in the previous session. Dealers said domestic currency remained under pressure due to increased dollar demand for import payments. Lack of fresh foreign inflows has also led to a decline in the rupee’s value in recent days.

Zafar Paracha, a senior dealer, said the rupee lost grounds in the kerb market, tracking decline in the interbank trade.

“The exchange companies have limited operations these days. However, the pressure on the local unit in the open market is reflective of the rupee’s losses in the official market,” Paracha said. “We expect the rupee to stabilise in the near-term because of a significant decline in import bill amid drop in international crude prices.”