Rupee drops 33 paisas against dollar

KARACHI: The rupee fell 33 paisas against the dollar on Friday due to the demand pressure for foreign payment, as the currency market opened after the bank holiday, dealers said.

The exchange rate ended at Rs157.87 against the dollar from the last working day’s closing of Rs157.54 in the interbank foreign exchange market.

The currency dealers said the demand for the foreign currency remained higher during the day because the market opened after the bank holiday. The foreign exchange market remained closed on July 1, 2021 on account of bank holiday due to the financial year-end.

The currency dealers expressed the hope that the local currency would gain value against the dollar in the coming days, owing to the higher export receipts and remittances. Besides, inflows related to Eid-ul-Azha are also expected in the coming days, which would also help the local unit make gains.

The rupee made a gain of 6.25 per cent against the dollar during the fiscal year 2020/21.

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