Rupee weakens

KARACHI: The rupee ended slightly weaker against the dollar on Monday due to an uptick in the dollar demand from importers, dealers said.

In the interbank market, the rupee closed at 152.93/dollar, 0.07 percent weaker than the previous closing of 152.82.

The rupee also lost ground in the open market to end lower at 153.10 versus the greenback. It had settled at 153 on Friday.

Dealers said the increased demand for the dollars from importers and corporates put pressure on the domestic currency.

“We saw importers and companies stepped up buying dollars to make their obligations, which pushed the rupee down,” a currency dealer said.

“We expect the downward pressure on the local unit is temporary, and the healthy supplies from the workers’ remittances and inflows coming into the Roshan Digital Account will keep the rupee stable in the near-term,” he added.