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August 3, 2021
KARACHI: The rupee touched its weakest level in nine-and-a-half months on Monday, weighed down by increased dollar demand for import payments, as well as scanty inflows.
In the interbank market, the local unit extended its recent sequence of posting losses versus the greenback, closing at 163.67 to the dollar, its lowest since October 8, 2020. It ended at 162.43 on Friday.
The local unit depreciated by 0.76 percent or Rs1.24 against the dollar. Dealers said the pressure rupee has been facing since last month because of import payments, especially for oil, was sustained, with market forces dominating the movement.
The rupee is likely to lose more ground with the demand for hard currency expected to persist amid subdued dollar inflows. Besides, there are large oil payments lined up this week. Iflows from remittances and export proceeds were not sufficient to meet the importer demand, according to dealers.