Tuesday, November 29, 2022

Rupee weakens

KARACHI: The rupee edged lower against the dollar in dull trade on Wednesday, dealers said.

In the interbank market, the rupee closed at 160.19 against the dollar, compared with the previous closing of 160.16.

Dealers said the rupee ended a little weaker on importers’ dollar demand.

“General importer demand was there maybe because of the long weekend,” a foreign exchange dealer said.

The currency market will remain closed on Friday on account of Kashmir Solidarity Day.

“There was a flat day today with low volume. The rupee traded in the tight band of 160.18 to 160.25,” he added.

The local currency gained five paisas to close at 160.25 to the dollar. It ended at 160.30 on Tuesday.

Dealers expect the currency pair to remain in a narrow range unless the dollar demand from importers surges. The range for the rupee is predicted at 160.10 and 160.30 for the coming session.

The rupee has been supported by strong dollar inflows from higher remittances from Pakistani workers abroad and export proceeds, and the surplus in the current account.

Source: The News

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