Rupee weakens

KARACHI: The rupee ended weaker against the dollar in the interbank market on Friday due to increased demand for the greenback from importers, dealers said.

It closed at 157.87 against the dollar, 0.21 percent lower than the previous close of 157.54.

In the open market, the rupee also lost ground and ended at 158.80 per dollar. It finished at 158 versus the greenback on Wednesday.

Dealers said the local unit came under pressure in the first trading session of the newly-started fiscal year on the back of an uptick in importer dollar demand and weak supplies.

Most dealers expected the rupee to trade range-bound or weaken a bit in coming days.

The rupee appreciated by 6.25 percent in the last fiscal year ended June 30. It rose by six percent in the open market trade.

Analysts expect the rupee to remain stable in the near term on the back of rising foreign exchange reserves.

The rupee is likely to trade at 165-166 in fiscal year 2021/22.