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.
In this picture, the PCJCCI logo can be seen on September 1, 2022. — Facebook/Pakistan China Joint Chamber of...
The logos of the World Bank and IMF. — AFP FileNEW YORK: The United States is the MVP of GDP. That was the...
A security guard sits in front of a wall with signs and slogans at the operation building at the Pakistan Steel Mills ...
A worker cleans the entrance to the headquarters of Bank Indonesia, the nation's central bank, in Jakarta, Indonesia....
The MCB's logo is seen on a wall outside the bank's head office. — MCB websiteKARACHI: MCB Bank Limited on...
Stack of Rs5,000 and Rs1,000 notes. — AFP/FileKARACHI: The rupee lost ground against the dollar in both currency...