Dollar nears Rs156 as rupee struggles for second day

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Dollar
Karachi

Pakistani rupee shed Rs0.47 (-0.30 percent)against the US dollar in the interbank for the second straight day on Tuesday.

According to the State Bank of Pakistan, the US dollar opened atRs155.31 and closed at Rs155.78. Pakistani rupee has shed Rs1.16 against the US dollar during the last two days.

Within the open market,the US dollar was traded at Rs155.60-156.20. However, the local unit has gained Rs13.27 against the greenback in the current fiscal year 2020-21 while appreciation has been Rs4.06 in 2021.

Currency experts said that the rupee weakened due to a surge in real effective exchange rate and higher oil prices.

They said that trade figures for the month of May too were not supportive. They said that 2 to 3 percent move is quite normal, which is based on economic factors.

They said that the market witnessed higher demand for dollars as the corporate sector and importers were seen busy buying the foreign currency for their payments. —TLTP

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