Rupee weakens

KARACHI: The rupee weakened further for the third consecutive session on Friday, amid higher demand for the dollars for import payments, dealers said.

The rupee closed at 160.75 against the dollar, compared with the previous closing of 160.62 in the interbank market. In the open market, the rupee ended flat at 160.75 against the greenback.

Dealers said the local unit traded slightly weaker, as importers’ demand offset inflows from remittances and export selling. “We expect the rupee to face a downside pressure in the coming week on the back of increased greenback demand for the import payments, especially oil and LNG,” a foreign exchange dealer said. “The rupee may touch 161 level against the dollar in the sessions ahead.”