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June 11, 2021

Rupee ends lower

 
June 11, 2021

KARACHI: The rupee reversed gains to end lower on Thursday, as importers and corporates stepped up the dollar purchases to meet their obligations, while market punters expect further weakness in the rupee after the Federal Budget announcement on Friday.

The rupee closed at 155.92 against the dollar, 0.15 percent weaker from Wednesday’s closing of 155.69 in the interbank market.

Dealers said the local unit was under pressure due to increased imports and corporate payments.

“There was a good demand for the greenback in the market, as well as the fear that the rupee would remain under pressure after the budget drove the domestic currency down,” a foreign exchange dealer said.

Finance Minister Shaukat Tarin will present the federal budget for the fiscal year on June 11 (Friday).

Analysts expect the budget is likely to remain accommodative and should target economic growth and sound structural reforms.

“We see numerous challenges for the government, which should be addressed in the FY22 budget in order to achieve sustainable growth,” an analyst in a report issued by Insight Securities said.