Rupee falls to 5-month low against US dollar
“The local unit is under pressure due to increased appetite for the dollars for imports, especially oil," says a dealer
- Persistent rise in oil prices exerting pressure on rupee.
- Dealers anticipate the rupee to touch 160 per dollar soon maybe in the session ahead.
- The rupee closed at 159.33 per dollar on Thursday, its lowest since February 09, 2021 in the interbank market.
KARACHI: Under pressure due from import payments, the rupee fell to a five-month low against the US dollar on Thursday.
According to report in The News, forex dealers are expecting the local currency to lose more ground in the coming days.
In the interbank market, the rupee closed at 159.33 per dollar, its lowest since February 09, 2021. It fell by 41 paisas or 0.26% during the session. The rupee ended at 158.92 on Wednesday.
The rupee lost 70 paisas to end at 160.20 versus the greenback in the open market. It finished at 159.50 in the previous session.
“The rupee was trading as low as 159.50 to the dollar in the interbank market,” said a currency dealer.
“The local unit was under pressure due to increased appetite for the dollars for imports, especially oil, following a persistent rise in international oil prices,” he added.
“As well as, subdued inflows from export proceeds and remittances weighed on the domestic currency,” the publication stated quoting the dealer.
Global oil prices sustained losses with Brent crude futures falling 0.6% to $73/barrel on Thursday.
Dealers anticipate the rupee to touch 160 per dollar soon maybe in the session ahead.
The rupee, however, is likely to start seeing some corrections from the second week of this month.