Rupee declines

KARACHI: The rupee ended weaker for the second straight session on Tuesday, as the demand for the dollars from importers offset inflows from remittances, dealers said.

The rupee closed at 152.99 to the dollar, slightly lower from the Monday’s closing of 152.93 in the interbank market.

In the open market, the rupee fell by 20 paisas against the dollar. It ended at 153.30 against the dollar, compared with 153.10 in the previous session. “There was a demand today and the supplies were not enough to meet that demand,” a foreign exchange dealer said.

“We anticipate the rupee to trade around the current levels in the coming days, as the importers’ demand for the dollars likely to be matched with remittances. We could see increasing remittance flows coming in over the next weeks because of the ongoing holy month of Ramazan.”