Rupee weakens against dollar

KARACHI: The rupee weakened by 23 paisas against the US dollar on Thursday, as the market men await the announcement of the Federal Budget 2021/2022.

The exchange rate closed at Rs155.92 against the dollar from the previous day’s closing of Rs155.69 in the interbank foreign exchange market.

Dealers said the importers were seen buying the greenback ahead of the budget announcement. The Federal Budget 2021/22 is scheduled to be present on June 11.

Further, corporate buyers were also purchasing the foreign currency for repatriating profits and dividends to their parent companies abroad.

The dealers expressed the hope that significant inflows of export receipts and workers remittances would help the local currency improve.

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