Rupee edges down

KARACHI: The rupee ended slightly weaker against the dollar in the interbank foreign exchange market on Monday, as an uptick in the demand for hard currency from companies to meet their requirements and lower foreign currency inflows from exports caused by coronavirus disruptions put pressure on the currency, dealers said.

In the interbank market, the rupee closed at 160.07 against the dollar, compared with the previous closing of 159.96.

“There was some demand for the greenback from corporates,” a forex dealer said.

“Overall, the market saw a dull trading session, while the market activity remained limited,” the dealer added.

Small businesses and shops reopened on Monday after the government eased lockdown that imposed to curb the spread of coronavirus pandemic.

“Though some factories have resumed, but economic activity will pick up after Ramazan,” another dealer said.

“We expect the currency to remain range-bound in the coming days, trading at 160-161 against the dollar.” In the open market, the rupee ended firmer at 160 versus the dollar.