Rupee weakens

KARACHI: The rupee lost eight paisas against the dollar in the interbank market on Tuesday, dealers said.

The local currency closed at Rs152.82 against the dollar, compared to Rs152.74 on Monday.

In the open market, the buying and selling rates of the dollar were recorded at Rs152.6 and Rs153.5, respectively.

“We expect the rupee to stay stable with slight appreciation against the dollar in the coming sessions on the back of remittance inflows ahead of the holy month of Ramazan.

Moreover, import payments seem to remain subdued. Increasing dollar inflows in the form of remittances from Pakistani workers employed abroad with the approach of fasting month of Ramazan (to be commenced from this week) will contribute, matching the demand of the US currency in the market, if it surges.