Rupee falls 43 paisas against dollar

KARACHI: The rupee fell 43 paisas against the dollar on Tuesday, as external payment put pressure on the demand for the foreign currency.

The exchange rate ended at Rs166.39 against the greenback from the previous day’s closing of Rs165.96 in the interbank foreign exchange market.

The currency dealers said higher international oil prices and economic activities escalated the demand for import payments.

According to the provisional data for August 2021, the total import remained above $5 billion. The import bill of the country in July 2021 was around $6 billion.

The dealers said the dollar demand on month-end is usually higher. They expressed the hope that inflows of export receipts and workers remittances would help the rupee in the coming days.

At present, the local currency remained at a year low level. The exchange rate was at Rs166.24 against the dollar on August 31, 2020.