Rupee weakens against dollar
KARACHI: The rupee lost 35 paisas against the dollar on Thursday, as external demand continued to keep pressure on the exchange rate.
The exchange rate ended at Rs169.03 against the greenback from the previous day’s closing of Rs138.68 in the interbank foreign exchange market.
The dealers said quarter closing escalated the demand for the foreign currency. By the end of the quarter usually import and corporate payments remain higher, they said, adding that the foreign companies operating in Pakistan send their profits and dividends quarterly to their parent companies abroad.
Further, the higher prices of commodities and oil in the international markets also increased the demand for the foreign currency.
The country is facing widening of trade deficit, as well as current account deficit during the first two months of the current fiscal year. These deficits have put pressure on the external payments side.
The rupee witnessed an all-time low of Rs169.12 on September 15, 2021.
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