Rupee edges lower

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

In the interbank market, the rupee closed at 153.56 against the dollar, down from the previous close of 153.45.

Dealers said the local unit came under pressure, as importers and corporates stepped up to buy dollars to meet their obligations before Eid holidays.

The National Command and Operations Centre (NCOC) has announced Eidul Fitr holidays from May 10 to 15 to contain a further spike in the coronavirus cases during the upcoming festival.

“We saw increased demand for the greenback from importers and the corporate sector, as this is the last week before an extended Eid break,” a currency dealer said.

“However, the inflows from remittances are expected to prevent the rupee from any major fluctuation,” he added.

Analysts said traders are in the favour of going long on the rupee, mostly due to expectations of higher remittances and Ramazan-related inflows.