Rupee weakens 60 paisas against dollar

KARACHI: The rupee posted a decline of 60 paisas against the dollar on Monday, owing to the higher demand for the foreign payment on the first day of the week, dealers said.

The exchange rate ended at Rs158.22 against the greenback from last Friday’s closing of Rs157.62 in the interbank foreign exchange market.

The currency dealers said the demand for the foreign payments remained high, as the market opened after two weekly holidays.

The demand was also seen higher due to fiscal year-end on June 30, 2021, they said, adding, usually, the foreign companies repatriate their profits and dividends to their parent companies abroad at the close of the quarter of year. They also said the oil payments by the quarter-end also increased the demand for the dollar.

The currency dealers expressed the hope that after June 30 the local currency would regain its value against the greenback, owing to the inflows of foreign remittances and export receipts.

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