Rupee falls for third straight day against dollar

KARACHI: The rupee fell for the third consecutive day against the dollar on Wednesday, as the demand for the external payments remained high during the day, dealers said.

The exchange rate ended with the depreciation of 48 paisas in the rupee value against the dollar. The local unit ended at Rs166.87 against the greenback from the previous day’s closing of Rs166.39 in the interbank foreign exchange market.

The local currency fell Rs1.25 against the dollar during the last three days of trading. The exchange rate ended at Rs165.62 against the dollar on Friday, August 27, 2021.

The currency analysts said the demand for import payments remained due to an acceleration in the economic activities and surge in the international oil prices.

They also said the ballooning current account deficit is also putting pressure on the local currency. At present, the rupee remained at a year’s low level.

The exchange rate stood at Rs166.24 against the dollar on August 31, 2020.