Rupee extends falls

KARACHI: The rupee lost more ground on Thursday as the importers and companies continued to buy greenback to meet their obligations.

The rupee closed at 153.46 per dollar, 0.16 percent down from Wednesday’s close of 153.22 in the interbank foreign exchange market.

The rupee ended at 153.45 against the dollar in the open market. It had fished at 153.20 in the previous session.

The local unit fell for the fourth consecutive session, taking its losses to 0.56 percent since the start of this week.

Dealers said the increased demand from the importers and the corporates put pressure on the domestic currency. “The rupee is likely to remain under pressure in the coming sessions. However, an increase in dollar supplies will help keep the rupee stabilised,” said a dealer.

The local unit had been rising before Eid holidays due to better supplies amid Ramazan-related remittances.