Rupee weakens

KARACHI: The rupee extended fall for a second consecutive session on Thursday on sustained dollar demand from importers.

The rupee ended at 169.03 to the dollar in the interbank market, a 0.21 percent lower than the previous close of 168.68.

In the open market, the rupee closed at 169.80, compared with 169.60 in the previous session.

Dealers said the local unit lost more ground due to increased dollar buying from importers.

“We are monitoring whether the rupee will make a new record low after the State Bank of Pakistan raised the interest rates to curb the current account deficit,” a foreign exchange trader at a commercial bank said.

The rupee had been under pressure due to high current account deficit and the outflow of the dollars to Afghanistan after the Taliban took over the country.