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Rupee extends losses

Business

December 3, 2020

KARACHI: The rupee ended lower for the second straight session on Wednesday, hurt by increased importers’ dollar demand, dealers said.

The rupee fell 0.40 percent, or 64 paisas, during the session in the interbank market. It closed at 160.46 against the dollar, compared with the Tuesday’s closing of 159.82.

In the open market, the rupee also posted losses and closed at 160.80 against the dollar. It had settled at 160.20 in the previous trade.

Currency dealers said the rupee faced pressure due to a renewed surge in the dollar demand, while the supply was shortened.

“We have seen an upward trend in hard currency demand in the last couple of days from importers for payments.

It may be seasonal on the back of year-end. Exporters were reluctant to sell dollars in the market,” a foreign exchange dealer said. “We anticipate the demand will continue and put pressure on the local unit in [the] coming days. However, any improvement in the supplies [inflows] will help prevent the rupee’s slide.”

Dealers still foresee the local currency to trade around 161 level against the greenback in December.