September 16, 2021

Rupee’s free-fall against dollar continues

KARACHI: The rupee continued to witness depreciation against the dollar on Tuesday, amid foreign currency demand for imports payments, dealers said.

The exchange rate ended at Rs167.63 against the dollar, compared with the previous day’s closing of Rs167.23 in the interbank foreign exchange market.

The rupee fell 40 paisas, which is the second straight day of losses against the greenback during the first two days of the current week.

The currency dealers said the dollar demand remained high for import and corporate payments. They said the economy was expanding after the coronavirus pandemic, which increased the demand for imported raw material and finished goods.

The dealers said unstable security and the political situation in Afghanistan also created the demand for the dollar.

The dollar inflows in the neighbouring country had stopped after the…

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