Rupee’s losing streak against dollar continues

KARACHI: The rupee continued to depreciate against the dollar on the fourth consecutive day on Thursday, dealers said.

The exchange rate ended at Rs166.98 against the greenback with the depreciation of 11 paisas in the rupee value in the interbank foreign exchange market. The market ended at Rs166.87 against the dollar a day ago.

The currency dealers said the demand for the dollars for external payments remained high. They said the rising deficit in trade and the current account are also a major concern for the market.

They said the country needed an immediate flow of the foreign currency to discharge external payment liabilities without pressure on the exchange rate.

The local unit lost Rs1.63 against the dollar during the last four trading days. The exchange rate was closed at Rs165.62 on August 27, 2021.

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