Rupee weakens 22 paisas against dollar

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KARACHI: The rupee ended 22 paisas down against the dollar on Friday due to import payments ahead of the weekly holidays, dealers said.

The exchange rate ended at Rs163.45 against the dollar from the previous day’s closing of Rs163.23 in the interbank foreign exchange market.

The currency dealers said the market witnessed higher demand for the greenback, as importers purchased dollars in advance for import payments ahead of the two weekly holidays.

The dealers said external payment pressure also escalated the demand for the foreign currency.

However, they expressed the hope the expected inflows from the International Monetary Fund (IMF) would help the rupee recover against the dollar.

Further, inflows of export receipts and workers remittances may also support the local currency.

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