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Rupee extends losses

Business

May 22, 2020

KARACHI: The rupee extended losses for the fourth straight session on Thursday on sustained buying of the dollars from banks and importers ahead of long Eid holidays, dealers said.

The rupee closed at 160.92 against the dollar, down from the Wednesday’s closing of 160.77 in the interbank foreign exchange market.

In the open market, the rupee ended at 160.90 against the dollar, compared with the previous closing of 160.80.

“There was demand for the dollars. We saw some banks buying dollars for import, corporate and debt payments,” a forex dealer with a local commercial bank said. “There was a debt payment due against the multilateral lender, which also put pressure on the currency,” he added.

The forex market will remain closed from May 22 to 27 on the occasion of Eid-ul-Fitr.

Dealers said the dollar inflows received in the form of remittances prevented the currency from posting sharp fall. Inflows from remittances have picked up as some countries ease lockdown measures. There has been an increase in remittances at the end of Ramazan that would support the currency and the foreign exchange reserves.

Dealers said the currency is likely to continue facing downside pressure after holidays due to increased demand.