Rupee falls 53 paisas against dollar

KARACHI: The rupee depreciated 53 paisas against the dollar on Monday, as external payments kept the demand higher for the foreign currency.

The exchange rate ended at Rs168.72 against the dollar from last Friday’s closing of Rs168.19 in the interbank foreign exchange market.

The dealers said the dollar demand remained high because of the first trading day after two weekly holidays.

They also said the widening of trade deficit and ballooning current account deficit also resulted in negative sentiments.

The dealers said due to the quarter ending on September 30, 2021, a demand was also increasing from the corporate sector for repatriation of profit and dividends to their parent companies abroad.

Besides, the situation in Afghanistan is also disturbing the local foreign exchange market.

The rupee has been under pressure since the start of the current fiscal year. The local currency hit an all-time low of Rs169.12 against the dollar on September 15, 2021.