Rupee continues losing streak against dollar

Rupee continues losing streak against dollar

KARACHI: The Pak Rupee continued losing streak on Friday amid higher demand for import and corporate payments.

The rupee ends 31 paisas to close at Rs158.80 to the dollar from previous day’s closing of Rs158.49 in interbank foreign exchange market.

The foreign exchange market was initiated in the range of Rs158.40 and Rs158.70. The market witnessed day high of Rs158.90 and low of Rs158.50 and ended at 158.80.

Currency experts said that the rupee fell during the entire week despite inflows of $994 million from IMF two days ago.

The exchange rate also witnessed depreciation of the rupee in the open market. The buying and selling of dollar was recorded at Rs158.70/Rs159.30 from previous day’s close of Rs158.50/Rs159.50 in cash ready market.