KARACHI: The rupee continued its downward trend against the US dollar on Wednesday, owing to the rising demand for foreign payments, dealers said.

The exchange rate ended at Rs156.96 against the dollar, compared with Rs156.79 in the interbank foreign exchange market.

The rupee lost Rs1.22 against the foreign currency during the last four trading sessions, owing to the rise in the demand for import and corporate payments.

The currency dealers said after ease in restrictions related to coronavirus pandemic, the demand for the greenback increased for import payments. Besides, corporate buyers were also seen engaged in buying the US dollar for repatriation of profits and dividends to their parent companies abroad for the period ended June 30, 2021.

The currency dealers said record inflows of remittances and export receipts may help the local unit make recovery against the foreign currency in the coming days.

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