Rupee down against dollar
KARACHI: The rupee fell five paisas against the dollar on Friday, as external payments kept pressure on the exchange rate.
The exchange rate ended at Rs169.08 against the greenback from the previous day’s closing of Rs169.03 in the interbank foreign exchange market.
The dealers said the demand for the foreign currency was higher ahead of two weekly holidays. They also said the dollar demand remained higher because of import and corporate payments due to the quarter-end.
The dealers said widening of trade deficit and the current account deficit also deteriorated the market sentiments.
They; however, said the market would respond to the initiative taken by the State Bank of Pakistan (SBP) by prohibiting bank financing for imported vehicles next week.
The local currency is near to make another historic low. The rupee hit an all-time low of Rs169.12 on September 15, 2021.
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