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November 28, 2020

Rupee weakens

Business

November 28, 2020

KARACHI: The rupee ended weaker against the dollar in the interbank market on Friday due to increased demand for the hard currency for import payments, dealers said.

The rupee lost 19 paisas to close at 159.46/dollar, compared with the Thursday’s closing of 159.27. In the open market, the rupee ended at 160.45 against the dollar. It had finished at 160.05 in the previous session.

“There were some imports and corporate payments, which pulled the rupee lower,” a currency dealer said.

“We expect the rupee to remain at 159 level versus the greenback in the coming days,” he added.

“We don’t see any payment pressure on the currency in the sessions ahead. The inflows available in the market will help meet the dollar demand from the importers and the corporate sector.”

Dealers said strong dollar inflows, healthy foreign exchange reserves and increased remittances would help lend support to the local unit. Moreover, sentiments are also positive due to the government’s decision not to shut down businesses and industrial operations, amid the second wave of the coronavirus pandemic.