Friday May 24, 2024

Rupee weakens

By Our Correspondent
January 09, 2021

KARACHI: The rupee ended marginally weaker against the dollar in the interbank foreign exchange market on Friday, dealers said.

The rupee closed at 160.17 against the dollar, compared with Thursday’s closing of 160.02. It fell 0.09 percent, or 15 paisas, during the trading session.

In the open market, the rupee also lost ground to end at 160.30 versus the greenback. It had finished at 160.21 in the previous session.

Dealers said the local currency again came under pressure due to an uptick in the demand from importers.

“The rupee gave up gains it made during the last two sessions on the back of dollar buying from importers,” a currency dealer said.

“As no major import payments are scheduled next week, we expect the rupee to remain range-bound, trading in the band of 160 and 160.25 per dollar.”

Strong foreign exchange reserves and healthy exports are expected to keep the rupee stable in the coming days, the dealers said.