Rupee falls 19 paisas against dollar

Web DeskWeb Editor

16th Aug, 2021. 06:45 pm
Rupee

KARACHI: The rupee fell 19 paisas against the dollar on Monday, making it the lowest level of the local currency since July 1, 2021, dealers said.

The exchange rate closed at Rs164.19 against the dollar from last Friday’s closing of Rs164 in the interbank foreign exchange market.

The local currency hit the lowest level during the current fiscal year after closing the last fiscal year at Rs157.54 on June 30, 2021. The rupee has lost around Rs6.65 against the dollar since July 1, 2021.

The currency dealers said the market witnessed the high demand for the greenback for import payments due to the upcoming two holidays in the current week.

The government has announced public holidays on August 18 and 19, 2021 on account of Ashura.

The dealers said the rupee was under pressure due to the rise in the international oil prices and uptick in the domestic demand for the finished products and raw materials.

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