Rupee falls 10 paisas against dollar

Web Desk News Agency

20th Aug, 2021. 05:06 pm
Dollar hits a 10-month high against the rupee

KARACHI: The rupee fell 10 paisas against the dollar on Friday, as the foreign exchange market opened after two-day holidays, dealers said.

The exchange rate ended at Rs164.18 against the dollar from Rs164.08 on August 17, 2021 at the interbank foreign exchange market.

The dealers said the local currency was under pressure due to the payments demand from importers. They attributed the higher dollar demand to two day’s closure of the market.

The market remained closed on August 18 and 19, 2021 on account of Ashura.

The dealers said another reason for the dollar demand was the last day’s trading of the week. However, they said during the next week, the government is expecting around $2.77 billion from the International Monetary Fund (IMF), which would support the local currency to make gains.

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