Rupee weakens 31 paisas against dollar

KARACHI: The rupee weakened 31 paisas against the dollar on Monday, owing to the pressure of the payment demand on the first day of the current week, dealers said.

The exchange rate ended at Rs158.18 against the dollar from last Friday’s closing of Rs157.87 in the interbank foreign exchange market.
The currency dealers said the local currency remained under pressure during the day because the market opened after two weekly holidays.

The dealers said high demand for the greenback would persist in the coming days, owing to import payments, as the economy had shown positive signs of growth.

However, they said the significant inflows of export receipts and workers’ remittances would help the rupee make gains in the coming days.

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