Rupee weakens against dollar

The rupee continued to weaken against the dollar in the foreign exchange market on Thursday, dealers said.

In the interbank market, the rupee closed at 98.52, down by four paisas as compared to Wednesday’s closing of 98.48 against the dollar.

Market dealers said that the market has started witnessing panic amid increase in the demand for the greenback from banks for delivery to importers.

The high demand for the dollars put some pressure on the exchange rate on Thursday, they added.

The rupee-dollar parity is likely to extend losses against the greenback during the remaining session of this week due to import payments pressure, dealers said.

In the open market, the rupee was exchanged at 99.80 and 105 from 99.75 and 100 at the buying and selling counters, respectively, against the dollar during the last trading session.

Meanwhile, Pakistan is scheduled to pay debt repayments of around 700 million SDR to the International Monetary Fund in June and August. (Courtesy: The News)