KARACHI: The rupee continued its downward movement for the fifth consecutive day, as it lost 34 paisas against the dollar on Wednesday, dealers said.

The local currency declined due to the persistent rise in the demand for the foreign currency for import and corporate payments, they said.

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The exchange rates ended at Rs158.53 against the greenback from the last day’s closing of Rs158.19 in the interbank foreign exchange market. The local unit depreciated Rs3.93 against the dollar since June 1, 2021.

The currency dealers said the market witnessed higher demand for the greenback from corporate buyers, as the foreign companies sent their profits and dividends to their parent companies abroad.

The demand for foreign currency also increased after the government eased coronavirus-related restrictions and in the hope of rising industrial and commercial activities in the coming days. During the last couple of days, the number of positive coronavirus cases has registered a sharp decline.

The dealers said the inflows of export receipts and workers’ remittances were seen during the day but those were not enough to meet the demand for import and corporate payments.

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