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August 5, 2020

Rupee extends losses

Business

August 5, 2020

KARACHI: The rupee fell further on Tuesday on increased dollar demand from corporates and importers.

The rupee closed at 167.64 against the dollar, compared with the Monday’s closing of 167.46 in the interbank foreign exchange market. In the open market, the rupee lost ground and ended at 168 versus the greenback. It had finished at 167.30 in the previous session.

Demand for the greenback has been higher with the currency dealers attributing it to importers and companies buying the local unit to meet their payments. The persistent demand and drying up dollar inflows also put pressure on the domestic currency.

Moreover, the disappointing report from the Asian Development Bank (ADB) on Pakistan’s remittances also eroded traders’ sentiment. The ADB sees a 26.8 percent decline this year in the money sent home by overseas Pakistanis due to the economic impact of the coronavirus pandemic.