Rupee weakens further against dollar

KARACHI: The dollar increased to Rs164.01 in the interbank foreign exchange market on Thursday, as the demand for import payments remained high, dealers said.

The exchange rate ended with a decline of 9 paisas in the rupee value to close at Rs164.01 from last day’s closing of Rs163.92.

The dollar is at the highest level in the current fiscal year, starting from July 1, 2021. The local currency has lost Rs6.47 against the dollar from the closing of Rs157.54 on June 30, 2021.

The currency dealers said the ease in the coronavirus restriction has increased the demand for the imported products.

Further, the upcoming public holidays on account of Independence Day and Ashura have also put pressure on the local currency.

The dealers said improved inflows of remittances and export receipts would help the rupee make gains in the coming days.

The rupee fell to a record low of Rs168.44 against the dollar on August 26, 2020.

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