Rupee edges lower

KARACHI: The rupee edged lower on Tuesday in dull trade, amid an uptick in the dollar demand from importers, dealers said.

In the interbank market, the local unit closed at 166.67 against the dollar, compared with the Monday’s closing of 166.63.

Dealers said the market started on a negative note, as the rupee fell to 166.90 against the dollar in the opening deals due to import payments.

“We saw some general import demand during the session, but increased dollar supplies helped the domestic currency prevent sharp losses,” a foreign exchange dealer said.

The rupee is expected to gain in the coming days because of a record surge in the workers’ remittances in the last fiscal year, the dealers said. However, in the open market, the rupee closed marginally higher at 166.85 against the greenback, compared with the previous closing of 166.90. Remittances from overseas Pakistanis are likely to remain higher this month due to Eid-ul-Azha festival. This may bode well for the local unit.