Rupee extends losses

KARACHI: The rupee extended losses for the second consecutive session on Tuesday, as importers bought dollars to meet their obligations, dealers said.

In the interbank market, the rupee closed at 160.59 against the dollar, compared with the Monday’s closing of 160.47.

The local currency remained unchanged at 160.70 against the dollar in the open market.

Dealers said the rupee eased, amid increased demand for the dollars for import payments.

“There were some import payments, which pushed the demand for the greenback a little higher,” a currency dealer said.

“If more payments are pending in the market, the rupee could weaken further in the coming sessions,” the dealer added.

The rupee is expected to hover at 160 levels in the coming week, and it’s likely to conclude the month by trading at 161 against the dollar, dealers said.