Rupee weakens
December 29, 2020
KARACHI: The rupee ended down by six paisas against the dollar on Monday due to demand for the foreign currency for import and corporate payments.
The rupee ended at Rs160.38 against the dollar from the previous closing of Rs160.32 in interbank foreign exchange market on December 24.
In the open market, the buying and selling of the dollar remained at Rs160.30/Rs160.65, compared with the previous closing of Rs160.40/Rs160.70.
Currency dealers said the market opened after three daysâ closure, including a public holiday on account of Quaid-e-Azam Day and two weekly holidays.
The market opened with high demand for foreign currency for import and corporate payments, they said, adding that the market had witnessed dollar supply in the shape of workersâ remittances and export receipts. However, the inflows were not sufficient to meet the payment demand.