Rupee hits 10-month low against dollar

KARACHI: The rupee hit a 10-month low against the dollar on Monday, owing to the higher demand for external payments.

The exchange rate closed at Rs163.90 against the greenback in the interbank foreign exchange market. Previously, it was seen at Rs163.84 on October 9, 2020.

The local currency declined 45 paisas against the dollar to close at the current level, compared with last Friday’s closing of Rs163.45 in the interbank foreign exchange market.

The currency dealers said the local currency remained under pressure due to the higher dollar demand for import payments.

The dealers attributed the higher demand to opening of the market after two weekly holidays. They also attributed it to the ease in the restrictions related to the coronavirus pandemic.

The Sindh government has lifted strict measures on Monday after imposing a weeklong lockdown in the province.

The dealers; however, are hopeful of the rupee recovery on the back of encouraging inflows of export receipts and workers’ remittances. Besides, the country is also expecting an inflow of $2.8 billion from the International Monetary Fund (IMF) by the end of this month.

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