Rupee falls 25 paisas against dollar

KARACHI: The rupee fell 25 paisas against the dollar on Monday, despite reports of $2.77 billion inflows from the International Monetary Fund (IMF), dealers said.

The exchange rate ended at Rs164.43 against the dollar, compared with last Friday’s closing of Rs164.18 in the interbank foreign exchange market.

The currency dealers said high dollar demand was witnessed because the market opened after two weekly holidays. Further, another two days holiday was observed last week on account of Ashura.

They; however, said that the market had not considered inflows of $2.77 billion from the IMF scheduled to transfer today (Monday).

The dealers said the inflows would help the country regarding ease in external payments pressure.

The rupee depreciation can also be attributed to the current account deficit for July 2021. The current account deficit reported $773 million for July 2021, which was a $583 million surplus during the same month of the last year.