Rupee hits 9-month low of 161.48 against dollar

KARACHI: The rupee fell to a nine-month low of 161.48 against the dollar on Monday, owing to higher demand for import payments, amid the upcoming Eid holidays.

Previously, the exchange rate was seen at Rs161.37 to the dollar on October 23, 2020.

The local currency fell Rs1.54 to the dollar from last Friday’s closing of Rs159.94 in the interbank foreign exchange market. The currency dealers said the market had seen higher dollar demand for import payments.

They also said the local currency was also under pressure due to the upcoming Eid holidays. The government had announced three holidays from July 20 to July 22, 2021 on account of Eid-ul-Azha.

The rupee has lost around Rs3.61 against the foreign currency since the start of the current month.

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