Rupee slumps against dollar

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Karachi : The rupee fell to its weakest level against the dollar on Wednesday due to supply shortfall of the US dollar in the market, dealers said.


In the interbank foreign exchange market, the rupee ended weaker at 100.83, down by 47 paisas against the dollar as compared to Tuesday’s closing of 100.36.


The official market commenced on a positive note and the local currency traded between 100.39 and 100.43, dealers said.


However, the market became volatile and the rupee reached at the level of 100.90 in the wake of lower supply of dollars. Some local and foreign banks bought the greenback to fulfill the demand for import payments, especially commodities, they added.


Currency traders said that the forex market is uncertain and the exchange rate is facing pressure against the dollar.


The rupee is inching down and is prone to depreciate further in the coming sessions.


In the open market, the rupee was traded unchanged at the level of 102.25 at the buying counter and at 102.50 at the selling counter on Wednesday.

Courtesy:  The News

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