Rupee weakens further against dollar

KARACHI: The rupee extended losses against the dollar on Wednesday, owing to the higher demand for import payments, dealers said.

The exchange rate closed at Rs158.92 against the greenback, compared with the previous day’s closing of Rs158.37 in the interbank foreign exchange market.

The currency dealers said improved economic indicators had escalated the demand for the import of finished goods and raw materials.

They said the market had seen inflows of export receipts and workers’ remittances but those were not sufficient to meet the demand for the import payments.

The rupee lost Rs1.38 against the dollar during the last four trading days or since the start of the current fiscal year.

The dealers expressed the hope that the inflows of the latest auction of international bonds by the government would help the rupee make gains in the coming days.

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