Rupee extends losses against dollar

KARACHI: The rupee extends losses against the US dollar on Tuesday, as the demand for the foreign currency rose for import and corporate payments, dealers said.

The rupee fell 47 paisas to close at Rs155.78 against the greenback from the previous day’s closing of Rs155.31 in the interbank foreign exchange market.

The local currency lost around Rs1.16 against the US dollar during the last two trading sessions.

Rupee extends losses 

Experts said the local unit was under pressure due to higher international oil prices and the demand for the greenback. Usually, corporate entities purchase foreign currency to transfer their profits and dividends to their parent companies abroad by the end of the fiscal year.

Importers were also purchasing dollars in the hope of an expected duty cut on various import items in the upcoming Budget 2021/22.

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