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December 2, 2020

Rupee gives up gains

Business

December 2, 2020

KARACHI: The rupee ended lower on Tuesday, as the demand for the greenback from importers weighed on the local currency, dealers said.

In the interbank market, the rupee weakened 40 paisas, or 0.25 percent, to close at 159.82 against the dollar. It had finished at 159.42 in the previous session.

“There were some importers buying dollars to meet their payment obligations, which put pressure on the rupee,” a foreign exchange dealer said.

Dealers said they expected the rupee is likely to stay range-bound in the coming days. “The rupee seems to be seesawed unless the macroeconomic fundamentals offer clarity on the direction of the exchange rate,” another dealer said. “The trading range for the local currency for this month should be 159-161.”

The constant increase in the remittances, healthy exports, higher foreign exchange reserves and the current account surplus can help trigger the rupee’s strength against the dollar in the near-term, dealers said.