Rupee weakens

KARACHI: The rupee extended losses for the second consecutive session on Tuesday, as higher demand for the dollars from importers weighed on the currency, dealers said.

In the interbank market, the local unit closed at 166.95 against the greenback, 13 paisas weaker from Monday’s closing of 166.82.

However, in the open market, the rupee traded slightly stronger against the dollar. It closed at 166.80 versus the greenback. It had settled at 167 in the previous session.

Dealers said buying from importers to make payments increased the demand for the greenback in the market, putting pressure on the local unit. “We expect the rupee to remain under stress in the coming sessions, despite remittances flows,” a foreign exchange dealer said.