Rupee weakens further

KARACHI: The rupee extended losses for the fourth consecutive session on Thursday, amid higher dollar demand from importers, dealers said.

The local unit is likely to remain under pressure because of import payments, they added.

In the interbank market, the rupee closed at 153.46 against the dollar, compared with Wednesday’s closing of 153.24. It was down 0.14 percent during the session. Dealers said the local unit continued to face downward pressure against the dollar due to the dollar buying from importers and the corporate sector.

The local unit traded in the band of 153.50 to 153.80/dollar, the dealers said.

“The rupee lost ground despite rising remittances from overseas Pakistanis during the holy month of Ramazan,” a foreign exchange dealer said. “We have to see whether the rupee sustains the 153 levels in the coming sessions,” he added.